This document discusses the key concepts of chemical equilibrium. It defines reversible reactions as those that can proceed in both the forward and backward directions simultaneously. At equilibrium, the rates of the forward and reverse reactions are equal and the concentrations of reactants and products remain constant. Several examples of reversible reactions are provided. Characteristics of chemical equilibrium include the constancy of concentrations at equilibrium and the independence of the equilibrium constant from the initial concentrations. Le Chatelier's principle is introduced, which states that if a system at equilibrium experiences a change, it will shift its position to counteract that change. The effects of changing concentration, pressure, temperature, and adding a catalyst are described based on this principle. Industrial processes for maximizing yields of important chemicals