Agency is a term that is commonly used in different fields, including business, law, and politics. It refers to the capacity of a person or an organization to act on behalf of another entity. The concept of agency is essential in understanding the relationships between individuals and groups, as well as the roles and responsibilities that come with them.
Definitions
Agency is defined as the capacity of a person or an organization to act on behalf of another entity. It is also the relationship between a principal and an agent, where the agent is authorized to act on behalf of the principal. In business, agency refers to the relationship between a company and its agents or representatives who act on its behalf.
Origin
The term agency comes from the Latin word “agens,” which means “doing” or “acting.” It was first used in the legal context in the 17th century to refer to the relationship between a principal and an agent.
Meaning in different dictionaries
According to the Merriam-Webster dictionary, agency is “the capacity, condition, or state of acting or of exerting power.” The Oxford English Dictionary defines it as “the action or process of doing something, typically with a view to achieving an aim.”
Associations
Agency is often associated with the concept of delegation, where one entity delegates authority to another to act on its behalf. It is also associated with the idea of representation, where an agent represents the interests of the principal.
Synonyms
Some synonyms of agency include authority, power, capacity, capability, and means.
Antonyms
Antonyms of agency include inaction, powerlessness, incapacity, and inability.
The same root words
The same root words as agency include agent, agenda, and action.
Example Sentences
- The agency was responsible for promoting the new product to the target market.
- The agent acted on behalf of the principal in negotiating the contract.
- The government agency was tasked with regulating the industry to ensure compliance with environmental standards.
- The company delegated the authority to its representatives to negotiate with potential clients.
- The agency’s success was attributed to its efficient use of resources and effective marketing strategies.