Equilibrium refers to a state of balance or unchanging motion of an object. There are two types of equilibrium: static, where an object is at rest, and dynamic, where an object maintains a constant nonzero velocity. For an object to be in equilibrium, the vector sum of all forces acting on it must equal zero, resulting in no acceleration. Common forces include tension in cables, ropes, or ties used to suspend objects. Assignments involve calculating unknown tensions or forces using the condition of equilibrium.