What does the word equilibrium mean?

Equilibrium implies a situation wherein something (it can be an economy or an object) has no incentive to deviate from the current position until and unless an external force is applied. For instance, in the below diagram, the football has been placed right at the top of the hill. At this position, the ball is at rest and it will remain at rest until and unless any external force is applied. Now, if I push the ball to the right, it will fall down and then move up to the right, then move down with slight upward movement to the left due to momentum. These up and down movements will continue till it has positive momentum and it will finally settle down at the foot of the hill. At this point again, the ball is at rest!

You might think OMG the answer sounds to be too much related to Physics, but don't worry, it is Economics. Actually, equilibrium is a borrowed term from Physics. 

Similar to Physics, in Economics, we use the term equilibrium to regard something at rest and has no further incentive or driving force to deviate from the present position until and unless interrupted. In Economics, we use equilibrium in context of producer and consumer, who when attains the equilibrium position implies they have the best what they can have at the given condition.

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