Equilibrium concepts refer to the state in which opposing forces or influences are balanced. In economics, this often relates to the point where supply and demand meet, determining the market price of goods and services. At this point, there is no incentive for change, as the quantity supplied equals the quantity demanded. In chemistry, equilibrium describes a condition where the rates of forward and reverse reactions are equal, resulting in stable concentrations of reactants and products. This concept is crucial for understanding dynamic systems, such as those involving chemical reactions or biological processes, where changes can affect overall stability.