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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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.

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It wasn't a very large world, but then it was most choicely composed.

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SPANISH ARIA looked likely to come on bundles for her eyecatching debut at Newbury recently and looks worth her place at Newmarket against some choicely bred debutantes.

loaded set to cash in; WINNER MACHINE

Vale Of Kent 1.30 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).

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He then posed for a picture with his licence, rather choicely using his middle finger to cover his personal details.