An equation expresses equality between two expressions, with an equals sign connecting them. It has various parts, including variables to represent unknown numbers, coefficients as numbers multiplying variables, constants as numbers alone, operators showing arithmetic (+, -, etc.), terms as single numbers/variables or multiplied combinations, and expressions as groups of terms separated by operators. Exponents indicate how many times to multiply a base number or variable. A polynomial is an expression involving variables and their exponents, without division. Monomials, binomials, and trinomials are polynomials with 1, 2, or 3 terms respectively. Like terms share the same variables and exponents.