Economic equality refers to a situation where individuals have similar levels of income and wealth, reducing the gap between the rich and the poor. This concept aims to ensure that everyone has access to basic resources, opportunities, and services, allowing for a fairer distribution of economic benefits. Achieving economic equality can involve policies such as progressive taxation, minimum wage laws, and social welfare programs. These measures are designed to support those with lower incomes and create a more balanced economy, ultimately benefiting society as a whole by promoting stability and reducing poverty.