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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.
Best Answer: Economics is the study of wealth, choices and the well-being of the community. It has been called the science of wealth and happiness. But it is not a true science because there are no unchangeable laws as there are in maths, physics and chemistry.