This document summarizes key concepts about chemical equilibrium:
1) Chemical equilibrium occurs when the rates of the forward and reverse reactions are equal and the concentrations of reactants and products stop changing. The system appears static but reactions are still occurring in both directions.
2) The equilibrium constant, K, is defined based on the balanced chemical equation and describes the position of equilibrium. It depends only on temperature.
3) The reaction quotient, Q, is similar to K but uses the actual concentrations rather than equilibrium concentrations. Comparing Q to K indicates whether a reaction will proceed in the forward or reverse direction to reach equilibrium.