An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays a commission to the auctioneer or auction company based on a percentage of the final sale price.

Noun

cheap (plural cheaps)

1. Trade; traffic; chaffer; chaffering.
2. A market; marketplace.
3. Price.
4. A low price; a bargain.

   a good cheap

5. Cheapness; lowness of price; abundance of supply.

Adjective

cheap (comparative cheaper, superlative cheapest)

1. Low and/or reduced in price.
2. Of poor quality.
3. Of little worth.
4. (slang, of an action or tactic in a game of skill) underhand; dubious.
5. (derogatory) frugal; stingy

   Insurance is expensive, but don't be so cheap that you risk losing your home because of a fire.

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