Online Auctions

Auctioning
Auctioning is a market mechanism in which goods and services are sold to the highest bidder through a structured and competitive bidding process, often conducted online.
Outbid
In the context of auctions and competitive bidding, 'outbid' refers to placing a higher bid than a competitor. A person who has been outbid has lost the auction to the highest bidder.

Accounting Terms Lexicon

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