Enzymes are biological catalysts that accelerate chemical reactions in living organisms. They do this by binding to substrates in their active sites, catalyzing reactions, and then releasing products to be reused. The induced-fit model best explains how enzymes work - when a substrate binds, it induces a change in the active site to better fit and stress the substrate, lowering activation energy. The rate of enzyme-based reactions is affected by temperature, pH, and substrate concentration through their impacts on molecular motion and binding compatibility in the active site.