(Los Angeles) Merv Griffin was a business tycoon who owned hotels, racehorses and resorts. Linda Alvarez reports.
(Pittsburgh) KDKA`s Alison Morris has the latest on the clean-up efforts in the worst hit areas by Thursday`s intense storms.
Hany Faroko`s new business sees him selling the painted hermit crab shells to locals in Indonesia as well as to customers abroad in both the United States and South Korea.
Auction
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An auctioneer and her assistants scan the crowd for bidders
An auction is a process of buying and selling goods by offering them up for bid, taking bids, and then selling the item to the winning bidder. In economic theory, an auction is a method for determining the value of a commodity that has an undetermined or variable price.
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. Auctions are generally funded by a fee paid by the seller to the auctioneer or auction company.
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