An equation represents a formal assertion of equality between two mathematical or logical expressions, while an inequality compares two expressions using symbols that denote relationships of greater than, less than, or not equal. The process of solving them differs; equations aim to determine a specific numerical value, whereas inequalities are used to assess the truth of a statement.
Scenario: During a road trip with my four friends, we stop at a gas station. Large ICEEs cost $4 each, and snacks are priced at $2 each. Since I'm covering the expenses and have a total of $40, I want to find out how many snacks I can buy if each of us gets an ICEE.