A chemical reaction interconverts chemical species, as defined by the [ref]. The consumed species are reactants; the formed species are reaction products. In ordinary chemical reactions, chemical atoms are rearranged while each chemical element's total atom count is conserved. For a complete chemical equation, net electric charge is conserved too.
For example, the balanced chemical equationdescribes conversion of molecular hydrogen and molecular oxygen into water. Both sides contain four hydrogen chemical atoms and two oxygen chemical atoms. Three reactant molecules become two reaction product molecules: atom counts are conserved, but molecule counts need not be. See Flowers et al., Chemistry 2e, balancing chemical equations.
The coefficients describe net consumption and formation, without asserting that three molecules collide in one step. A balanced chemical equation supplies quantitative constraints; it does not determine how quickly the chemical reaction occurs, or whether chemical equilibrium prevents complete conversion. Those questions need further information. Keeping these roles distinct makes stoichiometry useful even when the microscopic details are complicated.
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