What is a bid in eBay?

Bidding is the concept of different people competing with each other to pay the highest amount of money is a specified amount of time. Example:
A shirt has a starting price of $0.99 with 1 day on eBay. Somebody sees the shirt and would like it, so they bid $1. Somebody else thinks the shirt is worth paying more than a dollar then $1, so they bid $5. It goes on and on until time is up, and the person who bid the highest gets the item. All other bids that get beaten are not owed or payed to seller.