Equilibrium refers to a state of balance where opposing forces or influences are equal. In physics, it often describes a situation where the net force acting on an object is zero, meaning the object remains at rest or moves at a constant velocity. In chemistry, equilibrium occurs in a reversible reaction when the rate of the forward reaction equals the rate of the reverse reaction, resulting in stable concentrations of reactants and products. In economics, equilibrium is the point where supply and demand meet, determining the market price of goods and services. At this point, there is no incentive for producers or consumers to change their behavior, leading to a stable market condition. Understanding equilibrium helps in analyzing various systems, from ecosystems to financial markets.