The document summarizes key concepts about chemical equilibrium including:
1) Chemical equilibrium occurs when the forward and reverse reactions of a chemical reaction proceed at the same rate.
2) At equilibrium, the concentrations of reactants and products remain constant.
3) The equilibrium constant, K, provides a measure of how far a reaction proceeds towards products or reactants.
4) Changing conditions like concentration, temperature, or pressure will shift equilibrium to counteract the change according to Le Châtelier's principle.