choice(redirected from choicely)
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choicethe 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