The term 'all things being equal' can be summarized by the word 'PARITY', which is a six-letter word. PARITY is a state of equality, where all elements are considered to be of equal value or importance. It is often used in economics and politics to refer to a situation where all parties involved have an equal amount of power or influence. In other contexts, it can refer to a situation where all individuals are treated equally, regardless of their differences.