Pot Equity Help

[Dave H.]

I've read SSH and a couple of other books and am struggling with the concept of pot equity. Specifically, how is it computed and then, once it is computed, how does one relate it to pot size to determine whether a bet or a call is warranted. I understand the pot odds concept and use it all the time, but I'm starting to see posts where it seems that pot equity is used instead or in conjunction with pot odds and I don't understand.

I imagine an example like AKo with a 9,6,3 rainbow flop could suffice. I'm not sure what other variables need to be added...let's say 5 players, 2 bets each preflop.

Is there such a thing as "fold" equity? What would that be?

Thanx!