Dynamic equilibrium describes a situation where both forward and reverse reactions proceed at the same rate, resulting in no net change in the concentration of reactants and products over time. This means that even though the reaction is still ongoing, the concentrations of both reactants and products remain constant. It is important to note that the reactants and products are still being converted into each other, but at the same rate. This state of balance can only be reached under certain conditions, such as constant temperature and pressure.