The document discusses key concepts related to how ligands bind to proteins and receptors. It defines important terms like:
1) Equilibrium dissociation constant (Keq), which represents the concentration of ligand that occupies 50% of receptor sites. Keq is inversely related to affinity.
2) Potency, which refers to the concentration of a drug needed to produce a given effect. It is determined by receptor affinity.
3) Efficacy, which represents a drug's ability to induce a physiological response through a receptor. Full agonists elicit the maximum response while partial agonists have lower efficacy.