Efficiency:

Efficiency signifies a peak level of performance that uses the least amount of inputs to achieve the highest amount of output .It minimizes the waste of resources such as physical materials, energy, and time while accomplishing the desired output.

Equity:

The word equity is defined as “the quality of being fair or impartial; fairness; impartiality” or “something that is fair and just.” Equity also has several meanings related to finance and property law that aren't relevant for our discussion. The adjective form of equity is equitable