Kc is the equilibrium constant for a chemical reaction at a given temperature, expressed in terms of the concentrations of the products and reactants at equilibrium. It provides insight into the extent of a reaction and indicates the ratio of product concentrations to reactant concentrations, raised to the power of their coefficients in the balanced equation. A larger Kc value suggests that the products are favored at equilibrium, while a smaller Kc value indicates that the reactants are favored.