AUCTIONS AND E-COMMERCE |
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An auction is the process of buying and selling things by offering them up for bid, taking bids, and then selling the item to the highest bidder. Auctioning can be traced as far back as 500 B.C.[1] In economic theory, an auction is a method for determining the value of a commodity that has an undetermined or variable price. Auctions can be with reserve or minimum, or without minimums, or absolute or no reserve. In reserve auctions, there is a minimum bid or reserve price; if the bidding does not reach the minimum, there is no sale (but the person who puts the item up for auction may still owe a fee to the auctioneer or auction company). In absolute or no reserve auctions, the sale is guaranteed, with only the price left to be determined. In the context of auctions, a bid is an offered price.
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CLOTHING / GARMENT / APPAREL |
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Clothing is defined, in its broadest sense, as coverings for the torso and limbs as well as coverings for the hands (gloves), feet (socks, shoes, sandals, boots) and head (hats, caps). Humans nearly universally wear clothing, which is also known as dress, garments, attire, or apparel. People wear clothing for functional as well as for social reasons. Clothing protects the vulnerable nude human body from the extremes of weather and other features of our environment. But every article of clothing also carries a cultural and social meaning.
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