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1the state or condition of being equal, especially regarding status or pay:parity of incomes between rural workers and those in industrial occupations the value of one currency in terms of another at an established exchange rate. a system of providing farmers with consistent purchasing power by regulating prices of farm products, usually with government price supports. 2 Mathematics (of a number) the fact of being even or odd. Physics the property of a spatial wave equation that either remains the same ( even parity) or changes sign ( odd parity) under a given transformation. Physics the value of a quantum number corresponding to parity. Computing a function whose being even (or odd) provides a check on a set of binary values.