"Balanced" refers to forces, not to velocities or speeds. If an object is at terminal SPEED, the FORCES on it are balanced.
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Terminal velocities are balanced forces. At terminal velocity, the upward force of air resistance acting on an object falling through the air is equal in magnitude to the downward force of gravity, resulting in an equilibrium where the object falls at a constant speed.
Terminal velocity of falling objects in water depends on the object's shape, size, and density, as well as the water's viscosity. Generally, small objects like spheres have lower terminal velocities due to less drag, while larger or less streamlined objects will have higher terminal velocities. The terminal velocity is reached when the force of gravity on the object is balanced by the drag force acting in the opposite direction.
Lift can be a balanced force or an unbalanced force. If it is balanced, the airplane will remain at the same altitude. If it is unbalanced, the plane will either rise or fall depending upon the direction of the imbalance.
A change in an object's motion can be caused by both balanced and unbalanced forces. Balanced forces result in no change in motion, while unbalanced forces cause acceleration or deceleration in the object's motion.
There is no such thing as "a balanced force" or "a unbalanced force". Only a group of two or more forces can be balanced or unbalanced. An unbalanced group of forces acting on an object causes accelerated motion of the object. A balanced group of forces doesn't.
Both balanced and unbalanced forces can cause an object to move; however, balanced forces result in no change in an object's motion, while unbalanced forces cause an object to accelerate or decelerate.