Definition of "parity" []

• Equality, as in amount, status, or value. (noun)
• Functional equivalence, as in the weaponry or military strength of adversaries: "A problem that has troubled the U.S.-Soviet relationship from the beginning has been the issue of parity” ( Charles William Maynes). (noun)
• The equivalent in value of a sum of money expressed in terms of a different currency at a fixed official rate of exchange. (noun)
• Equality of prices of goods or securities in two different markets. (noun)
• A level for farm-product prices maintained by governmental support and intended to give farmers the same purchasing power they had during a chosen base period. (noun)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "The term parity is often used to describe the balance in MLS."
• "The word "parity" generated great confusion because the annoyed customers found it difficult to understand that there is still a 10% exchange fee to turn dollars into cash."
• "But now, cap proponents say, the parity is almost guaranteed, like the 54% of revenue that players receive."