Final answer:
A centrally planned economy offers economic security at the expense of market freedom and personal choice, often prioritizing the distribution of resources by the government to protect its citizens against uncontrollable economic risks.
Step-by-step explanation:
The economic system that promises security but not freedom and choice is typically understood to be a centrally planned economy, also known as a command economy. In such systems, the government has significant control over the production and distribution of goods and resources, which can provide economic security to citizens by ensuring that essential needs are met. However, this often comes at the cost of individual market freedom and personal choice.
A country that provides a high level of economic security can help protect its citizens from fears associated with uncontrollable economic risks, like natural disasters or massive unemployment. Such a system may counterbalance the lack of individual wealth and income equality within a society. The opposite of this system is a market economy, which provides a high level of liberty and freedom of choice, but less economic security. The economic institutions within a nation typically require a balancing act between these contrasting principles to create a functional economy.