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Economic Definition of speculation. Defined. Term speculation Definition: Buying an asset with the intent of reselling it later at a higher price. The purpose of speculation is simply to buy low today and sell high tomorrow. Those who engage in speculation have no reason for buying the asset, other than resale at a later time.
Speculative is based on arbitrary assumptions, while hypothetical is based on certain priori reasoning or could also be imaginative. Update: 1. Speculative is often used in context of betting and waging: His investments in crude oil are speculative - they are based on assumptions that middle east crisis may further intensify.