In: Economics
What is the difference between equality and equity? Use an example.
Answer- Definition of Equity: The term equity refers to the system of justice and fairness, where there is an even-handed treatment of all the people. Under this system, the individual needs and requirements are taken into account and treated accordingly.
Equity demands fairness in every situation, i.e. whether it is the distribution of benefits or burdens. Therefore people are treated fairly but differently as their circumstances are given weight. It seeks to provide all the individuals an equal opportunity, to let them attain their maximum potential. In this way, equity ensures that all the individuals are provided the resources they need to have access to the same opportunities, as the general population.
Definition of Equality-Equality is when everyone is treated in the same way, without giving any effect to their need and requirements. In finer terms, it is a state of getting the same quantity or value or status. It is a situation where each and every individual is granted same rights and responsibilities, irrespective of their individual differences.
For example-- this example would bring out the principal difference between the two, would be how a turkey may be carved up at at family’s dinner table. Equality would mean that everybody ‘“ father, mother and children – would get a piece of the same size. Equity, on the other hand, would mean that they take the sensible option, and divide it according to their needs, i.e. larger sized pieces for the adult and smaller pieces for the children.