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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.
Newcomers to economics often assume that economics is about money and resembles finance. But money is only a small part of economics. Economics, rather, is the study of how people allocate resources among themselves, and that makes it a social science. That viewpoint wasn't always accepted, and still isn't by some overly mathy economists today.