When the rates of the forward and reverse reactions of a chemical process are equal, and the concentrations of reactants and products remain constant over time, the system has reached chemical equilibrium. The document discusses chemical equilibrium, noting that it is a dynamic state at the molecular level, with the direct and inverse reactions occurring constantly and at equal rates, but appears static at the macroscopic level with constant temperature, pressure, and concentrations. It also defines the equilibrium constant Kc and how it relates to the concentrations of products and reactants.