Dynamic equilibrium is when the forward and reverse reactions happen at the same time and rate so there is no overall net change. A reaction that can be used as an example is the Haber Process:
N2 + 3H2 = 2NH3
N2 and H2 react to form NH3 while NH3 breaks down to form N2 and H2. These two reactions happen at the same time and rate until a state of dynamic equilibrium.
Catalysts can affect the haber process which we will move on to next.