Equity, broadly, is when everyone has access to opportunities necessary to fulfill essential needs, advance their well-being, achieve their full potential and have self-determination. 

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Equity is different from equality. Equality refers to everyone having the same thing, while equity is a more precise way to allocate resources and opportunities with a goal of moving us all to an equal outcome. Put plainly, everyone doesn't need the same things to fulfill essential needs, advance their well-being, achieve their full potential and have self-determination. Equity is working backwards from those as the goal while equality might make the assumption that the pathway to those goals are the same so the necessary resources will also be the same. 

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Racialequitytools.org definition of racial equity is “Racial equity is the condition that would be achieved if one's racial identity no longer predicted, in a statistical sense, how one fares. A core component of racial justice, racial equity work should address root causes of inequities, not just their manifestation. This includes elimination of policies, practices, attitudes, and cultural messages that reinforce differential outcomes by race or that fail to eliminate them.”