Auction

buying and selling · competition · money

Highest bidder wins. In most auctions, people raise their hands or call out prices to say how much they'll pay for something. Whoever offers the most money gets to take home the item.

Sometimes prices go down. Not all auctions work the same way, some auctions actually start with a high price and go down until someone says they'll buy it at that price.

Everyone sees the bids. Auctions are exciting because everyone watching knows exactly what price people are offering, so you can see how much others really want something.

A whole science behind it. Economists study auctions so carefully that there's an entire branch of science called auction theory that figures out the best ways to buy and sell things.