As the reactants react, their concentrations will fall - so the forward reaction will slow down. But as moreand more products are made and their concentrations rise, the backward reaction will speed up
2. After a while the forward reaction will be going at exactly the same rate as the backward one - the system is at equilibrium
3. At equilibrium, both reactions are still happening, but there's no overall effect (dynamic equilibrium). This means the concentrations of reactants and products have reached a balance and won't change
4. Equilibrium is only reached if the reversable reaction takes place in a closed system. A closed system just means that none of the reactants or products can escape and nothing else can enter