Equity vs Equality (Economcis)

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Last updated 7:20 AM on 9/8/26
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5 Terms

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Equity

Equity refers to fairness in the distribution of income and wealth across members of society.

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Equality

Equality means that economic outcomes are identical for all individuals and social groups within a society.

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Economic Inequality

The degree to which people in a population differ in their ability to satisfy their economic needs.

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Income Inequality

Inequality that arises from differences in how evenly income is distributed.

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Wealth Inequality

Arises from differences in the amount of wealth people own.