The equation q = εσat^4 represents the power radiated per unit area by a black body in thermal equilibrium, known as the Stefan-Boltzmann Law. In this equation, 'q' denotes the thermal radiation emitted per unit area, 'ε' is the emissivity of the surface, 'σ' is the Stefan-Boltzmann constant, 'a' is the area, and 't' is the absolute temperature in Kelvin. This law highlights the relationship between temperature and the energy emitted by an object due to thermal radiation, showing that even a slight increase in temperature can lead to a significant increase in emitted energy.