Steady-state refers to a condition in a system where variables remain constant over time, despite ongoing processes or changes. In this state, inputs and outputs are balanced, leading to a stable environment. For example, in a chemical reaction, the rate of formation of products equals the rate of consumption of reactants, resulting in no net change in concentration. In economics, steady-state can describe a situation where an economy grows at a constant rate, with investment and savings balanced. This concept helps in understanding long-term growth patterns and sustainability, as it indicates a point where resources are used efficiently without depletion.