The term BIDS is composed of two words: ASKS and OFFERS. ASKS is a four-letter word meaning to request something from someone, while OFFERS is a six-letter word meaning to present something for acceptance or rejection. In the context of business, BIDS refers to the process of submitting an offer to purchase goods or services. This process usually involves submitting a written proposal that outlines the terms of the offer, such as the price, delivery date, and payment terms. The seller then reviews the bids and decides which one to accept.