Refers to a state of being balanced, impartial, or fair. Often used in formal or legal contexts. The kanji form 衡平 is rare; the word is normally written in kana.
The judge made a fair decision.
This system lacks equity.
equity (law)
Composed of 衡 (balance, equilibrium) and 平 (flat, even, peaceful). The exact historical derivation is uncertain, but the combination conveys a sense of balanced fairness.