The term "Steady State" refers to a condition in which a system remains constant over time, despite ongoing processes or changes. In this state, the inputs and outputs of the system are balanced, leading to stability. For example, in ecology, a steady state can occur when the population of a species remains stable due to a balance between birth and death rates. In economics, the steady state can describe a situation where an economy grows at a constant rate, with investment and savings equaling depreciation. This concept is often used in models to analyze long-term growth, such as in the Solow Growth Model.