Business, 26.10.2020 17:20, jfoster70

Who is the principal, and who is the agent in this scenario? By which method was an agency relationship formed between Scott and Blatt?

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answered: Alex9089435028

The answer to the question is given in two parts, with sub heading to differentiate the same.

Explanation:

The Principal and The Agent

The Principal is the person who has hired an another individual to do some work on their behalf (in which case the agent is an independent contractor) or to perform some task assigned by the principal (in which case the agent is an employee). This is best understood by the degree of control the principal has over the agent's work. High degree of control indicates the agent is an employee and Less degree indicates the agent is an independent contractor.

In the given scenario, Blatt hired Scott for assisting him in selling insurance for his company. Therefore, Blatt is the principal while Scott is the agent.

Method of Agency Relationship formed

There are two ways by which an agency can be formed. One ways is by mutual consent (this can be verbally or any other means) or by signing of an agreement.

In this scenario, the relationship was formed by signing of an agreement between Blatt and Scott.

answered: Guest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

answered: Guest

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

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Who is the principal, and who is the agent in this scenario? By which method was an agency relations...