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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.
On the contrary, speculators perform speculation, in an attempt to earn profit from the changes in the difference between future price and spot price, as they bet on their difference. Hence, the risk is taken intentionally to reap profits. In this article you may find all the important differences between hedging and speculation, so take a read.