BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The term “equity” refers to fairness and justice and is distinguished from equality: Whereas equality means providing the same to all, equity means recognizing that we do not all start from the same place and must acknowledge and make adjustments to imbalances.

Detailed explanation-2: -Equity is defined as “the state, quality or ideal of being just, impartial and fair.” The concept of equity is synonymous with fairness and justice. It is helpful to think of equity as not simply a desired state of affairs or a lofty value.

Detailed explanation-3: -If fairness is the goal, equality and equity are two processes through which we can achieve it. Equality simply means everyone is treated the same exact way, regardless of need or any other individual difference. Equity, on the other hand, means everyone is provided with what they need to succeed.

Detailed explanation-4: -Equality means each individual or group of people is given the same resources or opportunities. Equity recognizes that each person has different circumstances and allocates the exact resources and opportunities needed to reach an equal outcome.

Detailed explanation-5: -Equity in economics is defined as the process to be fair in an economy that can range from the concept of taxation to welfare in the economy. It also means how the income and opportunity among people are evenly distributed.