I hope that the following lexical entries will help but I agree with MKJ in that the question is not so much lexical but theological.
Taken from BibleWorks 9 -
Friberg Lexicon:
8593 ἐκλεκτός, ή, όν (1) generally, of a quality of persons or things choice, select, excellent (1P 2.4, 6); (2) in the Gospels of those who respond positively to the privileges of God's grace (MT 22.14) and place trust in him (substantivally in LU 18.7); (3) of the basis of salvation in God's calling people to belong to himself elect, chosen (CO 3.12); substantivally, of the community of believers elect (MT 24.24); (4) substantivally, of the Messiah the Chosen One (LU 23.35)
Louw-Nida Lexicon:
30.93 ἐκλεκτός, ή, όν ; ἐκλογή, ῆς f: (derivatives of ἐκλέγομαι and ἐκλογή 'to choose, choice,' 30.92) that which has been chosen - 'chosen.' ἐκλεκτός: ὑμεῖς δὲ γένος ἐκλεκτόν 'you are the chosen race' 1 Pe 2.9; διὰ τοὺς ἐκλεκτοὺς οὓς ἐξελέξατο ἐκολόβωσεν τὰς ἡμέρας 'for the sake of his chosen people whom he chose, he has reduced those days' Mk 13.20. ἐκλογή: ὃ ἐπιζητεῖ Ἰσραήλ, τοῦτο οὐκ ἐπέτυχεν, ἡ δὲ ἐκλογὴ ἐπέτυχεν 'what Israel sought so eagerly it did not gain, but those whom he chose did' Ro 11.7.
LSJ Lexicon (Abridged):
13367 ἐκλεκτός
ἐκλεκτός, ή, όν, (ἐκλέγω

picked out, select, Thuc., Plat., etc.
II. οἱ ἐκλεκτοί, the elect, N.T.
VGNT Lexicon:
1277 ἐκλεκτός [pg 196]
ἐκλεκτός.
In P Rein 439 (A.D. 102) a choice or beautiful lodging which is being let is described as ἐκλεκτὸν ἀντρῶνα (l. ἀνδρῶνα

. For the distinctive Biblical use of the word, cf. farm-accountsP Fay 1023, al. (c. A.D. 105) where ἐγλεκ(τοί

is applied to baskets selected, i.e. of a better quality than the rest (Edd.), and OGIS 4993 (ii/A.D.) τῶν ἐκλεκτῶν ἐν Ῥώμῃ δικαστῶν, with which Dittenberger compares ib. 56710 (ii/A.D.) ἐπίλεκτον κριτήν, the iudex selectus of the Latin inscriptions. The Avircius epitaphlate ii/A.D.from MS. of Acta Sanctorum has ἐκλεκτῆς πόλεως ὁ πολείτης τοῦτ᾽ ἐποίησα. See also BGU II. 60318 (c. A.D. 167) ἐλαίας ἐγλεκτῆς.
Gingrich Lexicon:
2018 ἐκλεκτός
ἐκλεκτός, ή, όν chosen, select Mt 22:14; 24:22, 24, 31; Lk 18:7; 23:35; Col 3:12; 1 Ti 5:21; 2 Ti 2:10; 1 Pt 2:9; 2 J 1, 13. Choice 1 Pt 2:4 , 6; ὁ ἐ. ἐν κυρίῳ the outstanding Christian Ro 16:13. [pg 60]