Hey everyone. The equilibrium constant, which is depicted as capital K, specifies the favored direction of a reaction. Remember, with chemical equilibrium we're talking about reversible reactions, so we're talking about is the forward direction favored or the reverse direction favored.
While the equilibrium constant talks about direction, our rate constant, which is depicted by lower case k, deals with the speed of our chemical reaction. Here, when we say rate constant, we're talking about chemical kinetics. So we're looking at how fast a chemical reaction proceeds. How quickly can my reactants break down to provide me products?
Here when we see our equilibrium constant K, it typically is connected to our concentration units. But when we talk about our rate constant, it's not only concentration but also time as a units. Here time could be in seconds, inverse days, inverse years, inverse any unit of time.
So just remember looking at a chemical reaction to get the complete picture, we look at the equilibrium constant K to determine its direction, and we look at the rate constant k to determine the speed of which it proceeds.