Question

What does it mean to say two fractions are equivalent?

Answer 1

It means that the fractions are equal in a way even though they look different 
example: 1/2 and 2/4 are equivalent because they are both half

Answer 2

Yeѕ. lιĸe ιғ yoυ нave 50 dollarѕ and yoυ are тryιng тo collecт 100. 50/100.
ιтѕ eqυal тo 1/2 or тo 2/4.
even ғracтιonѕ and decιмalѕ are ѕoмeтιмeѕ eqυιvalenт... lιĸe 3/4=75%.