1. Define equilibrium.​

In chemistry:

Chemical equilibrium is defined as the condition in the course of a reversible chemical reaction in which no net change in the amounts of reactants and products occurs

In physics:

Equilibrium is defined as the condition of a system when neither its state of motion nor its internal energy state tends to change with time.

A simple mechanical body is said to be in equilibrium if it experiences neither linear acceleration nor angular acceleration; unless it is disturbed by an outside force, it will continue in that condition indefinitely.

the condition of a system when neither its state of motion nor its internal energy state tends to change with time is called equilibrium.

Hope it is helpful to you

Real values are those that have been adjusted to remove impact of inflation.

Explanation:

Real values are the value of goods and services produced / consumed in a period which are adjusted for inflation.

Real values are very useful figures as these are required to calculate growth in Gross Domestic Product (GDP), personal incomes etc.

Real value is obtained by removing removing impact of increase in price level over the period by adjusting with deflator as defined in below example.

Example

Value of goods and services produced in an economy 2019 USD 100 billion

Value of goods and services produced in an economy 2018 USD 80 billion

Inflation in 2019: 5%

So the real growth in GDP: {(100 - 80) / 80} - 5% = 20%.