Friction force
In that case, the sum of all forces must be zero.
Accelerating
An object in free fall is accelerating, so the forces on it must be unbalanced.
No. An object that has no net force on it will simply not be accelerating. It can be in motion, but it can not have any change in its velocity.
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They must be equal. We know that, because if the vertical forces on the object didn't add up to zero, then it would be accelerating vertically, either up or down.
If you add up all the forces acting on an object, they are balanced if they equal zero. (They cancel each other out). If the forces acting on a object are balanced, then the acceleration of that object is zero. It may still be moving, but it is not accelerating. An object that is not accelerating, (the sum of the forces acting on it is zero), is in equilibrium.
That simply means that the sum (the vector sum) of forces acting on an object is zero. Note that for an object to remain in balance, there is also a second condition: the sum of all TORQUES on the object must also be zero.
You never know. The only thing you know about the forces on an object that's not accelerating is: They all add up to zero, and their effect on the object is the same as if no forces at all were acting on it. That's the same as saying that all the forces on the object are 'balanced'.
If the object is not moving, or is traveling at a constant velocity, all forces acting on the object are equal and opposite to each other. If the object is accelerating (speeding up, slowing down, or changing direction) the forces are not balanced.
If the force acting upon an object are balanced then the object must not be accelerating
The object the forces are acting on will not move, or will be moving at a constant speed (e.g. not accelerating). This is called being in 'equilibrium'.