Differentiate the difference between equality, equity and inequality.


The concept of equity is associated with notions of what a particular society might consider as “just”,fair” the word is tied up with the moral, philosophical and even religious values prevailing in any Society. For this reason, the concept of equity differs from one society to another. In economics equity is the practice of fairness and justice in the distribution, access and control of resources.


The concept of equality means that persons are alike in important relevant and specified aspects alone, and not that they are all generally the same or can be treated the same.  In economics equality is the practice of applying equal treatment in allocation and distribution of resources.


UN defines inequality as the state of not being equal especially in status, rights and opportunities. In economic terms inequality refers to discrimination, disparities in the distribution of economic assets (e.g. unequal access to health, wealth/income, education, nutrition etc.) constitute inequality.