Auction
From Wikipedia, a free encyclopedia written in simple English for easy reading.
An auction is a place where people can buy or sell things. People say how much they will pay for something and the person who is willing to pay the most gets the thing.
The amount people will pay is called a bid. The person in charge of the auction is the auctioneer. He usually has a hammer which he will knock when he accepts a bid.
Some auctions only let you place one bid. Some let you change your bid if someone else bids higher. There is also another kind called a Dutch auction. In a Dutch auction the auctioneer starts off with a price that is much too high and gradually makes it lower until somebody makes a bid. That person will then buy the thing.
Recently, people have also started to do auctions online. The most popular online auction place is EBay.
