The equilibrium constant, \( K \), represents the ratio of concentrations of products to reactants at equilibrium for a given reaction.
It's a measure of the extent to which a reaction proceeds and helps us understand the balance between forward and reverse reactions.
Though its value doesn't concern time, it tells us about the position of equilibrium:
- \( K > 1 \): Products are favored over reactants
- \( K = 1 \): No preference; equivalent amounts of products and reactants
- \( K < 1 \): Reactants are favored over products
The relation between \( \Delta G^{\circ} \) and \( K \) using the equation \( \Delta G^{\circ} = -RT \ln K \) can further illuminate these states. For example, a large \( K\) results in a negative \( \Delta G^{\circ} \), showing spontaneous reactions towards products, while a small \( K\) suggests positive \( \Delta G^{\circ} \), indicating non-spontaneous reactions.