What do you understand by equilibrium of a system? What is meant by thermodynamic equilibrium? Explain in detail.

Equilibrium of a system is defined as when the concentration of reactants and products of a chemical reaction are in equilibrium and their ratio does not vary. In another words we can say that, when the forward reaction rate is similar to the reverse reaction rate.

Thermodynamics equilibrium is defined as in an isolated system when there is no change in energy and entropy. It is determined by the its intensive properties like volume and pressure.