Equity in Economics

Equity in economics refers to fairness and justice in the distribution of resources and opportunities within a society. It emphasizes that everyone should have access to basic needs like education, healthcare, and employment, regardless of their background. Unlike equality, which means treating everyone the same, equity acknowledges that people have different circumstances and may need varied levels of support to achieve similar outcomes. Balancing equity involves addressing disparities and ensuring that all individuals can participate fully in economic and social life.