In this economic system, there is a free labor market and individuals can own property, but the basic needs of the people, such as health care, education, elder care, and law enforcement, are met by the government. this economic system is

mixed economic system

Explanation:

Most countries in the world have a mixed economic system, since there is no pure market economy. Governments are able to exist because they tax people and businesses, and they also regulate economic factors (money supply, interest rates, etc.). I'm not sure, but I really doubt that there is a 100% planned economy, maybe some country like North Korea.

How this economic mix or blend works in a country is what makes it similar to a market economy or to a planned economy.

For example, the US is a mixed economy, the government levies a lot of taxes to finance public roads, bridges, utilities, police, army, firefighters, schools, colleges, some hospitals, and millions of public servants. Even with such a big government involvement in the economy, the US economy is considered to be almost free market.

Canada for instance is a little bit more socialist, and less free market, but is still considered almost free market.

Then comes European nations, which are even more socialist than Canada, and Latin American countries.

On the other end of economic systems, probably North Korea has the most planned economic system in the world, then there are countries like Cuba, and some Asian nations that still lean towards planned economies.

China is probably in the middle, it has a lot of capitalistic features and a lot of planned features (specially in politics).  

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