Chemical equilibrium is a state where the rates of the forward and reverse reactions are equal and the concentrations of reactants and products remain constant. Equilibrium is achieved when these conditions are met. The equilibrium constant, K, provides a quantitative measure of the position of equilibrium and can be expressed in terms of concentrations or pressures depending on whether the reaction involves gases or solutions. Factors such as concentration, pressure, temperature, and catalysis can influence the position of equilibrium based on Le Chatelier's principle.