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Economics glossary · The economic problem

Equality

What equality means in economics, with an example and a question to test yourself.

Definition
Equality
Equality is a situation in which people or groups end up with the same, or nearly the same, amount of something, such as income.
Not to be confused with: Equity
Equity is fairness in how income, wealth and opportunity are shared out, judged against a view of what people ought to have.
Test yourself

What is the difference between equality and equity?

Learn it properly: the module

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