SPECULATION: 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. Such speculation is quite common in most financial markets (futures markets are a particular favorite), but it's also a motive for those who have "investments" in fine art, baseball cards, coins, and real estate.

     See also | financial markets | asset | price | risk | risk loving | risk pooling | insurance | futures | spot | profit | arbitrage |

SPECULATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: April 21, 2018].

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In theory, an economy, or economic system, that is a transition between capitalism and communism and is based on: (1) government, rather than individual, ownership of resources, (2) worker control of the government, such that workers, rather than capitalist, control capital and other productive resources, (3) income allocated on need rather than on resource ownership or contribution to production. In practice, socialism is a type of economy based on--(1) government ownership and control of the most crucial resources, like those for energy production, communication, transportation, and health care and (2) a heavy dose of central planning by government.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for attractive cable television service repair people.
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