Static equilibrium occurs when all forces on an object are balanced, resulting in no motion relative to a reference frame, while dynamic equilibrium involves balanced forces on a moving object with a constant velocity. Mechanical equilibrium is established when Newton's first law applies, indicating that if the net external force is zero, the object cannot accelerate. An object in static equilibrium will return to its original state when disturbed, whereas an object in dynamic equilibrium will not return to equilibrium once displaced. The discussion also touches on the role of feedback mechanisms in natural systems affecting equilibrium types. Understanding these concepts is essential for grasping the principles of mechanics and motion.