When you are asked what is the probability of drawing "thing a" when you have only the same amount of "thing b," is called an equally likely event. For example: In a hat you have 8 black marbles and 8 black marbles. Since there the same amount of both, the chance of picking a black marble is 50% and picking a blue marble is 50%. This is an equally likely event.
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The two events have the same probability of happening.
1/4
All that it means is that you have chosen to divide up the event space into events that are equally likely.
that everything is a equal part of a whole.
The 50/50 chance means there are two outcomes, and each on is equally likely. A coin has a 50% chance of coming up heads and 50% chance of coming up tails. If we have a number of events or outcomes, and little information to based which one is more likely to occur, we can assume that they are equiprobable events or outcomes. You can learn more by searching wikipedia under equiprobable.