Physicists are often interested in how forces interact. Force A is pushing a certain amount one way, while Force B pushes a certain amount the other, etc. An equilibrium is a setting where all these forces counteract each other and nothing happens.
You are probably in an equilibrium now. Gravity is pulling you towards the Earth, but whatever surface you are resting on is pushing back equally hard, so you stay put. The idea of terminal velocity comes from an equilibrium in acceleration. As an object falls, it accelerates, but this increases the wind resistance. An equilibrium is achieved when the acceleration due to gravity is perfectly cancelled out by the change in wind resistance. The object is still falling, but its speed is no longer changing.
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