A catalytic cycle follows the changing forms of a catalyst through a reaction mechanism until its starting form is regenerated. The schematic binding cycle in catalyst illustrates the bookkeeping: C is consumed and recovered, whereas AC is a reaction intermediate formed and consumed. Cancelling both gives the net A-to-B chemical equation. Regeneration concerns the completed cycle; it does not imply that C avoids forming chemical bonds or exchanging Electrons. An alternative reaction mechanism may have more elementary reactions than the uncatalysed route and still be faster.[ref]
Chemistry 2e by Paul Flowers and others. §12.7, Figure 12.19 and Homogeneous Catalysts: alternative steps, intermediate formation and catalyst regeneration
For that reversible binding cycle, ideal thermodynamic activities give step equilibrium constants and . Their product is : the same cancellations occur in the equilibrium bookkeeping. Choose consistent standard states for the species. A proposed cycle with for the same net conversion at the same temperature would contradict its specified thermodynamics. This statement concerns free-species thermodynamic activities. Appreciable binding in AC can change how the conserved total amount is partitioned among free A, free B and bound AC. An assay counting bound and free material together therefore needs that additional balance; unchanged does not by itself guarantee identical analytical totals when the amount of C changes.
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