Chemical equilibrium occurs in a reversible reaction when the rates of the forward and reverse reactions become equal. At this point, the concentrations of the reactants and products remain constant over time, even though both reactions continue to occur. This balance means that the system is stable, and no net change is observed in the amounts of substances involved. In a chemical equation, equilibrium can be represented by the double arrow (⇌), indicating that the reaction can proceed in both directions. Factors such as temperature, pressure, and concentration can shift the position of equilibrium, a concept described by Le Chatelier's Principle. Understanding chemical equilibrium is essential in fields like chemistry and biochemistry.