Wealthier societies have fewer babies - it is likely that earth has a lower population in the 24th century than today. So the resources are less limited, and technology solves other scarcity issues. Everybody gets a Ferrari. Also, humans have settled other planets, so you could always just move to one of those.

Of course, it’s science fiction, not reality. We’ve seen how communism works in the real world, so I’m fairly skeptical of the Star Trek future. 350 years doesn’t seem like enough time to fix all the things wrong with our society.