Difference between "Equality" and "Equity"

[Tom]

Hi

Could you please tell me the difference between:

Equality and Equity

I tried to consult some good dictionaries but could not understand the difference.

Tom

[Mister Micawber]

.
'Equity' has a business meaning, but otherwise it means 'The state, quality, or ideal of being just, impartial, and fair'.
'Equality' is the state, quality or ideal of being equal.
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_________________
Native English teacher at Mister Micawber's

[Tom]

[Mister Micawber]

.
Yours are fine.
.
_________________
Native English teacher at Mister Micawber's

[Faiqa Dar]

equality means treating all individuals equally despite of their individual differences while equity means treating each individual according to their individual differences providing them according to their requirement.
for e.g you are giving 2 shoes to 12 individuals and u give size 5 to every 1 it is equality.
but some people might have big feets or smaller than size 5. if you give each individual the size which they need despite who gets big or small then it is equity.