| What is an "Auction"?
To participate in an "auction" means to publicly bid on a winning price to obtain an item. Persons participating in an auction will say "I bid at this price" for a particular item, and the person with the highest price has the right to buy that item.
Next, let's review some terms and phrases unique to auctions!
| "BID" | A bid is an offer of a particular amount of money for something which is for sale. The buyer competes with other bidders to purchase an item at a certain price, keeping in mind that the buyer with the best offer will be able to close the bid with the seller. In other words, telling other bidders "I want to buy this item at this price!" |
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| "WIN" | To place a winning bid, and obtaining the item on auction. The person with the winning bid is the winner of the auction. |
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