noun, noun which may take the genitive case particle 'no'
first class; first rank; first place; first prize
Used for being in the top class or rank, or for winning first place or first prize. Common in compounds and phrases such as 一等賞 and 一等の席.
妹はくじで一等を当てた。
My younger sister won first prize in the lottery.
一等の客室を予約した。
I reserved a first-class cabin.
noun
one degree; one level; one grade
Counts a difference of one rank, grade, or level, often with 上がる, 下がる, 上, or 下. In many everyday contexts, 一段 or 一つ上・下 may sound more ordinary.
今年の米は去年より等級が一等下がった。
This year's rice dropped one grade from last year.
adverb
Adverbial use before adjectives or evaluative expressions, meaning much the same as 一番. It is understandable but less common than 一番 in modern everyday Japanese.
この中では、これが一等いい。
Of these, this one is the best.