Cattle Auction

A sense of urgency hangs heavy in the air. There is a buzzing excitement as the auctioneer rattles of the prices of the cattle at light speed, and barely stops long enough to let the price actually be heard. The audience calls back, as the cattle are speed through the auctions, and the next one is brought out on display. 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.