Equilibrium Concepts

Equilibrium refers to a balanced state where opposing forces or influences are equal, resulting in stability. In different contexts, this can mean various things: in economics, it’s when supply and demand for a product are equal, so prices stabilize; in ecology, it’s when animal populations are balanced with their food sources; in chemistry, it’s when reactions occur at the same rate in both directions, maintaining constant concentrations of reactants and products. Essentially, equilibrium indicates a state where change is minimal and systems are self-regulating, allowing for consistency over time.