Equity, also known as Equality of outcome involves engineering the playing field such that all participants in a particular contest will experience the same outcome or as close as is practically possible. This is often done through quotas, affirmative action programs and increasingly through wealth transfer. Examples of wealth transfer include taxation and reparations.
Compare to Equality of opportunity which refers to humans having a level playing field on which to compete. All participates in such a contest would start at the same place but the better qualified, skilled or talented participants would likely achieve better results.
Increasingly the term equity is being used by feminists, SJWs and the woke in preference to equality of outcome while they are reducing their use of the word equality and surrendering it to anti-feminists.