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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.
Hedgers are people who produce, process or use commodities and want to reduce their price risk or establish prices for commodities they will trade in the future. Speculators are people who attempt to profit through buying and selling, based on price changes, and have no economic interest in the underlying commodity.