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How to define the word "speculation" from the perspective of economics?
In economics, there is no such word. It's just that China people like to define some extreme investment methods as speculation.

If it is roasted seeds and nuts, real estate speculation, in economics, belongs to trade.

If it is speculation in futures and stocks, it is investment in economics.

Both trade and investment have their basic business rules and professional ethics. However, with the trend of money worship in society, many people began to ignore business ethics and laws and regulations, aiming at making money completely, regardless of product value, the interests of others, and the long-term and stable interests, engaging in short-term means of collecting money. Trade and investment are called "speculation" in China.

Cordyceps sinensis, for example, is actually only of higher medicinal value, which is maliciously exaggerated by some people and suddenly becomes an extremely expensive food. For example, shark's fin is of low edible value, and its nutrition is almost the same as that of ordinary meat, but it is copied so expensive by some people, and there are too many similarities. Bird's nest, including what happened before, makes you laugh, makes you malicious, and so on, has begun to affect the people.