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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HORSES |
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The horse (Equus caballus or Equus ferus caballus) is a sizeable ungulate mammal, one of ten modern species of the genus Equus. Horses have long been one of the most economically important domesticated animals, and have played an important role in the transport of people and cargo for thousands of years. Most notably, horses can be ridden by a person perched on a saddle attached to the animal, and are also widely harnessed to pull objects like wheeled vehicles or plows. In some human cultures, horses are also widely used as a source of food. Though isolated domestication may have occurred as early as 4500 BC, clear evidence of widespread use by humans dates to no earlier than 2000 BC, as evidenced by the Sintashta chariot burials, thus firmly establishing the domestication of the horse.
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