Equality vs. Equity: Which one is fair?

I have been a teacher and it always bugs me when some of my students ask: "Why are some of our classmates given more chances than us?" or "Why do you allow him to use more resources?", "Why do you give him more time?" These are everyday statements and discussions that I have with my students and some of my co-teachers in terms of my treatment amongst them. Which often come out with some conflicts due to the different approach I have than what the standard is.
There's some misconception that equality and equity are both the same thing. I would clear that up in a moment. Let's go to the standard definition of these words

Equality

the state of being equal, especially in status, rights, and opportunities.

Let's say you have 4 siblings, and your parents can only afford to buy 1 toy. The parents decide to let one kid use the toy for 20 minutes in turns, at a specific time of the day. Sounds fair, right? Another example would be sharing pizza(because pizza is life). Equality could be achieved by slicing the pizza into equal parts, and distributing it evenly on each member of the family. One great example in the line of education is examinations. Each student in a given course, regardless of order, gets the same number of items and the exact same questions. That's no doubt. The students start at the same time(except when one comes late, of course) and is expected to pass their papers after the allotted time has passed. Now, if I'll make my exams too easy, then there's no doubt that the top students would get a high mark and those average guys would be expected to score fair. Making it too hard would result to flunking of the entire class, except one.

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Equity

the value of the shares issued by a company
the quality of being fair and impartial

Now, the definition given is somewhat vague in terms of the term equity.To put it in a more understandable way, I will show you a situation: Suppose there are two siblings, one more skinnier than the other, and dinner comes. The father divides the pizza in such a way that the skinnier one gets more than the other so he'd get more weight and nutrition(who am I kidding?). Another great example, which is all over the internet, are the kids watching a baseball game. Of course, giving each of them the same number of crates to stand on would not make sense if one of the kids will not have a benefit due to it. But on the contrary, giving them what they need in order for them to see the game would.

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Fairness

impartial and just treatment or behavior without favoritism or discrimination

So, which would be the right strategy? Imposing equality or equity? What I've learned for the past year of teaching is you need both. The main goal is to be impartial and fair to all your students and not enact favoritism. Giving them equal chances in the course they're taking for them to succeed.
We have different strengths and weaknesses. There are some guys who are visual, auditory and kinesthetic in terms of learning. There are students who learn fast and there are others who are slow learners. Treating them in different ways to give them equal chances to pass. Given them the same set of problems to solve, and the slow-learners more time. Some students, I would really give much more effort to teach them after class, so they'd catch up to the students with higher intelligence in terms of class activities. Diversifying every lecture into different approaches in order to activate the learning abilities of different students with different learning approach.

Where would you stand? Let me know in the comments below. Have a great day!

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gifs are taken from giphy
artwork by me