what is Bidding ?

@abc_mgs (230)
April 17, 2007 6:43am CST
hi friends ! i want to know that what is the meaning of bidding. is it that after placing a bid and wining the bid , the product will be available on the bidding price ? whether bid price is $1 or anything.
1 person likes this
1 response
@apsara60 (6612)
• Israel
17 Apr 07
When some property is sold in public it is called auction. In auction anybody who has money and wants to paricipate can take part and that person is called a bidder. To bid is to suggest a value for the selling item. It can start from any amount, it can even start with $1, but purpose of bidding is to reach higher and higher. People go on raising the amount and the one who accepts to pay the highest amount is the winner and he gets that property at bidding price ( I don't know if he has to pay any extra taxes). But in real the last bidding amount is the value of that article or property or what ever. I have explained to you the meaning of bidding in very simple language, but if you will go to deeper meaning of bidding you will find many legal rules and regulations which if I will start writing here, may take 10 pages........lol
@abc_mgs (230)
• India
17 Apr 07
thanks !