choice

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choice

the necessity for CENTRALLY PLANNED ECONOMIES and PRIVATE ENTERPRISE ECONOMIES to have to choose which goods and services to produce and in what quantities, arising from the relative SCARCITY of economic resources (FACTORS OF PRODUCTION) available to produce those goods and services. See ECONOMICS, PREFERENCES.
References in classic literature ?
The decks are drawing-rooms; the cabins are boudoirs, choicely furnished and adorned with prints, pictures, and musical instruments; every nook and corner in the vessel is a perfect curiosity of graceful comfort and beautiful contrivance.
It wasn't a very large world, but then it was most choicely composed.
30 Lingfield SP forecast 11-8 Choicely bred and looked smart when taking apart a 7f maiden at Chelmsford on his debut last month (third won since).
He then posed for a picture with his licence, rather choicely using his middle finger to cover his personal details.
e three-year-old Shamardal colt, unraced at two, is very choicely bred as he is out of Cape Verdi, who won the 1000 Guineas for Godolphin.