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1、Unit 2 Agency,Warm-up Activities,I. Pair works What do you know about agency? Think about the main functions of agency and talk with your partner.,II. Group work Work in small groups and discuss the agencies that you meet in your daily life. IIIThink about and then make a list of the different agenc
2、ies you know in the world today.,Background Information,In law, a relationship in which one party (the agent) acts on behalf of and under the control of another (the principal) in dealing with third parties. It has its roots in ancient servant-master relations. Agency becomes a legal issue when the
3、agent injures or wrongs a third party. In Anglo-American law, principals are bound by and liable for the acts of such agents as stockbrokers, business agents, contractors, real-estate agents, lawyers, union representatives, managing partners, and private detectives.,A consensual relationship created
4、 by contract or by law where one party, the principal, grants authority for another party, the agent, to act on behalf of and under the control of the principal to deal with a third party. An agency relationship is fiduciary in nature, and the actions and words of an agent exchanged with a third par
5、ty bind the principal. An agreement creating an agency relationship may be express or implied, and both the agent and principal may be either an individual or an entity, such as a corporation or partnership.,Under the law of agency, if a person is injured in a traffic accident with a delivery truck,
6、 the truck drivers employer may be liable to the injured person even if the employer was not directly responsible for the accident. That is because the employer and the driver are in a relationship known as principal-agent, in which the driver, as the agent, is authorized to act on behalf of the emp
7、loyer, who is the principal. The law of agency allows one person to employ another to do her or his work, sell her or his goods, and acquire property on her or his behalf as if the employer were present and acting in person. The principal may authorize the agent to perform a variety of tasks or may
8、restrict the agent to specific functions, but regardless of the amount, or scope, of authority given to the agent, the agent represents the principal and is subject to the principals control. More important, the principal is liable for the consequences of acts that the agent has been directed to per
9、form.,Notes of Text 1. transaction costs: the cost incurred in making an economic exchange (restated: the cost of participating in a market) 交易成本 2. popular sovereignty: the principle that the legitimacy of the state is created and sustained by the will or consent of its people, who are the source o
10、f all political power 人民主权论 3. marginal benefits: the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service. A persons marginal benefit is the maximum amount they are willing to pay to consume that additional unit of a good or service. 边际效益,
11、Text Analysis,1.Enforcing such contracts will involve transaction costs (often referred to as agency costs), and these costs may sometimes be very high indeed. 履行这些合同将包括交易成本（通常称为代理成本），这些成本有时可能很高。 enforce vt. 实施，执行；强迫，强制 例：We recommend that you enforce this practice rigidly. 我们建议您严格执行这个实践。 Gossip or
12、the fear of gossip may in this way serve to enforce the social norms that are necessary for any group to exist. 闲话或者对闲话的担心以此方式来执行某些社会准则，这些准则对任何一个群体的存在都是必需的。,Phrase: enforce vt实施；强迫；实行；强制 enforce upon强迫 Enforce restriction强化约束；巩固约束；强化束缚 enforce silence强令安静 to enforce执行 Enforce Temperature强加温度 Strictl
13、y Enforce严格执行；厉行 Enforce Security强制安全性 Enforce Its严令,involve vt. 包含；牵涉；使陷于；潜心于 例：However, the use of these materials does involve some inherent questions. 然而，对这些材料的使用涉及了一些固有的问题。 But there is a simple way of dismissing such unwanted thoughts which does not involve “fighting them“ at all. 但是有一个根本不用涉及“
14、与它们斗争”的消除这种不必要的想法的简单的方法。 Such investments generally involve a group of people who come together in a company or group of firms, pool their money and purchase parcels of land through a corporate structure. 这种投资一般涉及到在同一家公司的一群人，或者一组机构，把他们的钱放在一起，通过一个企业的结构形式购买一块块土地。,Phrase involve deeply深深卷入；使全神贯注；埋头于 in
15、volve doing包括做 Involve them吸引人们的参与 not involve并未涉及 involve imagination需发挥想像 involve affect影响到 involve implicate牵连 involve sacrifices意味着牺牲 involve vt使卷入；牵涉；涉及；包含,transaction n. 交易；事务；办理；会报，学报 例：They derived a benefit from that transaction. 他们从那笔交易中获利。 In this case, you should count the flow as one tr
16、ansaction. 在这种情况下，您应该将该流程计算成一个事务。 Rather than disclosing “everything“ about you to every server or service, you disclose only what you need to disclose for the particular transaction. 而不是像所有的服务器或服务透露你的一切，你只需要为特定交易透露所需要的信息即可。 Phrase transaction cost 交易成本，交易费用 transaction processing 计事务处理 business transaction 商业交易；经经济业务 transaction volume 交易量 market transaction 市场交易 transaction data 事务数据 financial transaction 金融业务；财务交易，财务事项 connected transaction 关联交易,transaction tax 交易税 trans
