Ryujin
Legend
I would call it a Post Scarcity/Meritocracy hybrid. Basic needs are met at a level well above the norm in today's world. Land is far less of an issue because of the ease of energy and food production. Technology makes it possible to live on Baffin Island or in the middle of the Sahara Desert, with equal comfort. Transportation technologies, including public Transporters, mean that you could live in the middle of the Brazilian Rainforest and work in downtown London.This always struck me as one of those things where it got somewhat exaggerated. The Federation clearly has some kind of internal economy. The Picard family owns a vineyard and a castle in France, and in Picard Jean-Luc employs several Romulans as servants. We see private ownership of starships, both with Kassidy Yates and with Cristobal Rios. Sisko's dad runs a restaurant.
What seems more likely to me is that the Federation is... not quite a post-scarcity society, but almost (I believe the Infinity setting uses the term "iota-scarcity") – there are some things that are in limited supply, and of course you can't pop up land out of nothing, but there are systems allowing for a robust basic income. People don't need to work, but some still do, and those who do probably don't work anywhere near the 40+ hours we work today.
Citizens could coat through life and do nothing, and still have a good standard of living. I think that if someone wanted to become a freighter captain, showed aptitude, received the training, and presented a reasonable prospectus, they could get themselves a small transport vessel from the government. If you wanted to be an artist then you would never have to suffer the "starving artist" stereotype. You could climb to the full extent of whatever ability you possessed, without needing to worry where your next meal, or next bed was coming from. And if your abilities would benefit society, you'd get what you needed to do so. You might not necessarily "own" it, but it would be yours to use.