The ancient world was totally alien from our modern view of culture, religion and politics. That sounds almost simplistic, but it's amazing how we tend to forget this when reading our Bibles! Civic, cultural and religious life were inextricably linked. There was no separation of church and state. There was no sense of "individualism" or "self determination". Membership in a particular city-state was the key component of their lives. Greek drama was presented as a part of the religious celebrations during various festivals. Wealthy patrons would be the ones to finance these endeavors. Such acts of generosity were viewed as an important factor in being a citizen of a particular polis. The Choregos was the patron who donated the money to finance the chorus. [The purpose of the chorus was to explain things to the audience and interact with various characters. They were a vital element in a Greek play.] In recognition of such magnanimous behavior, the Choregos was often honored with a monument, bearing appropriate inscriptions. This is a picture of such a monument in Athens. It's located just below the Acropolis, on the sides of which were the two primary theaters of Classical Athens.
The word eventually came to mean "generous and costly co-operation". Peter uses it to exhort the believer to engage in a cooperative effort with God that will result in a Christian life that glorifies Him. Do we view OUR Christian walk in this manner? Are we "generous" and making a "costly cooperative effort" to display a Christian walk that glorifies God? I think understanding the meaning and history of this one verb adds an important element to our understanding of Scripture!