Stability and balance refer to an object's ability to resist changes to its equilibrium state and return to its original position if disturbed. Key factors that influence stability include an object's mass/moment of inertia, its base of support, the position of its center of mass relative to the base of support, and surface friction. Static balance requires keeping the center of mass over the base of support, while dynamic balance involves controlling the center of mass during movements to prevent losing equilibrium and falling.