chosen vs favorite

chosen and favorite both are nouns.

Word	Noun	Adjective	Verb	Adverb
chosen	Yes	No	No	No
favorite	Yes	Yes	Yes	No

As nouns, favorite is a hypernym of chosen; that is, favorite is a word with a broader meaning than chosen:

Other hypernyms of chosen include darling, dearie, deary, ducky, favourite, pet.

chosen (noun)	favorite (noun)
an exclusive group of people	something regarded with special favor or liking
one who is the object of choice; who is given preference	a special loved one
	a competitor thought likely to win

chosen (adjective)	favorite (adjective)
	preferred above all others and treated with partiality
	appealing to the general public

chosen (verb)	favorite (verb)
	To mark an item as a personal favorite on social media