AuctionAn auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history.
Online auctionAn online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. Similar to in-person auctions, online auctions come in a variety of types, with different bidding and selling rules. eCommerce sales for businesses have been steadily increasing for years, and with the migration of virtually all transactions to digital due to the COVID-19 pandemic, worldwide sales through ecommerce channels such as websites and online marketplaces increased overall in 2020 and beyond.
CrowdsourcingCrowdsourcing involves a large group of dispersed participants contributing or producing goods or services—including ideas, votes, micro-tasks, and finances—for payment or as volunteers. Contemporary crowdsourcing often involves digital platforms to attract and divide work between participants to achieve a cumulative result. Crowdsourcing is not limited to online activity, however, and there are various historical examples of crowdsourcing. The word crowdsourcing is a portmanteau of "crowd" and "outsourcing".
Auction theoryAuction theory is an applied branch of economics which deals with how bidders act in auction markets and researches how the features of auction markets incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost. The conference of the price between the buyer and seller is an economic equilibrium. Auction theorists design rules for auctions to address issues which can lead to market failure.
Social webThe social web is a set of social relations that link people through the World Wide Web. The social web encompasses how websites and software are designed and developed in order to support and foster social interaction. These online social interactions form the basis of much online activity including online shopping, education, gaming and social networking services. The social aspect of Web 2.0 communication has been to facilitate interaction between people with similar tastes.
Social networking serviceA social networking service or SNS (sometimes called a social networking site) is a type of online social media platform which people use to build social networks or social relationships with other people who share similar personal or career content, interests, activities, backgrounds or real-life connections. Social networking services vary in format and the number of features. They can incorporate a range of new information and communication tools, operating on desktops and on laptops, on mobile devices such as tablet computers and smartphones.
FacebookFacebook is an online social media and social networking service owned by American technology giant Meta Platforms. Created in 2004 by Mark Zuckerberg with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, its name derives from the face book directories often given to American university students. Membership was initially limited to only Harvard students, gradually expanding to other North American universities and, since 2006, anyone over 13 years old.
YandexYandex LLC (Яндекс) is a Russian multinational technology company providing Internet-related products and services, including an Internet search engine, launched in 1997, information services, e-commerce, transportation, maps and navigation, mobile applications, and online advertising. Yandex holding company was incorporated in 2000. As of 2016, it primarily served audiences in Russia and the Commonwealth of Independent States of the former Soviet Union.
Dynamic Host Configuration ProtocolThe Dynamic Host Configuration Protocol (DHCP) is a network management protocol used on Internet Protocol (IP) networks for automatically assigning IP addresses and other communication parameters to devices connected to the network using a client–server architecture. The technology eliminates the need for individually configuring network devices manually, and consists of two network components, a centrally installed network DHCP server and client instances of the protocol stack on each computer or device.
IP addressAn Internet Protocol address (IP address) is a numerical label such as 192.0.2.1 that is connected to a computer network that uses the Internet Protocol for communication. An IP address serves two main functions: network interface identification, and location addressing. Internet Protocol version 4 (IPv4) defines an IP address as a 32-bit number. However, because of the growth of the Internet and the depletion of available IPv4 addresses, a new version of IP (IPv6), using 128 bits for the IP address, was standardized in 1998.
