Enzymes are proteins that act as catalysts to lower the activation energy of biochemical reactions without being consumed in the process. They achieve this by creating a new reaction pathway or binding site that stabilizes the transition state of reactions. The specificity of enzymes is determined by their three-dimensional structures, which form active sites that allow only specific substrate molecules to bind. While the lock-and-key model describes substrate binding via exact fit, the induced fit model suggests substrates can cause small conformational changes in enzymes to better orient the reaction. Reaction rates depend on factors like substrate and enzyme concentration, temperature, and pH, with optimal conditions varying for each enzyme.