This paper explores definitional problems of the equalization concept in school finance, highlights some problems in the measurement of this concept, and discusses its application to current State educational fiscal policy matters. To define equalization, the report poses basic questions covering the concept, surveys school finance literature for appropriate responses, and then progresses to a series of graphic models. To aid in measuring the concept, a technique is outlined for measuring equalization, and some illustrations of the use of this technique are provided. (Author/JF)