What is the meaning of equilibrium in economics with example?

Equilibrium in economics refers to the state at which where the consumer or producer is achieving maximum satisfaction. It is no change state means any movement form the equilibrium point will result in loss to the either party of a transaction.

For example, market forces demand and supply meets at a point is known as equilibrium which determines the equilibrium price and equilibrium quantity. At this point both consumer and producer is satisfied and gaining the maximum benefit possible, fluctuation form this point will lead to either excess demand or excess supply in the market.