This document discusses the concepts of equality and equity. It defines equity as fairness, especially in economics and taxation/welfare. Equity aims to provide all citizens with basic minimum income/goods/services or increase redistribution regardless of identity. Equality means sameness and refers to equal rights/chances. While related, equity leads to fair treatment based on circumstances, while equality means the same treatment regardless of circumstances. The document also discusses types of equity like horizontal/vertical equity in taxation, issues with redistribution, benefits of equality like social cohesion but potential lack of work incentive, and examples of gender equality versus equity.