What do you understand by the term 'Dynamic equilibrium'?

Dynamic equilibrium refers to a reversible reaction in which the rate of the forward reaction equals the rate of the backward reaction and there is no net change in the concentration of ions.

Standard electrode potential

The standard electrode potential, E^⦵, of a half-cell is the electromotive force measured at 298 K between the half-cell and the standard hydrogen electrode, in which concentration of any reacting species is 1M/gaseous species is at 1 atm.

Remember to indicate the surrounding temperature when drawing half-cells!

The standard cell potential, E^⦵_cell is the maximum potential difference between two half-cells under standard conditions.