Final answer:
Jackson Lumber is the principal who has hired Owen as the agent to purchase wood on its behalf, forming a principal-agent relationship.
Step-by-step explanation:
In the scenario provided, Jackson Lumber is hiring Owen to purchase wood on their behalf. This creates a principal-agent relationship. In this relationship, Jackson Lumber is the principal, and Owen is the agent. The principal is the entity that authorizes the agent to act on its behalf in business transactions or other matters. The agent carries out tasks, makes decisions, or enters into contracts for the principal's benefit within the scope of their given authority.