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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.
In the short run, economic theories are based on the assumptions of given resources and technology. ADVERTISEMENTS: These assumptions relate to a static economy where there is movement but no change. But in the long run, labour, capital and other resources and technology are assumed to change in certain theories. They relate to a dynamic economy. However, most economic theories are based on the assumption of a static economy.