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This lecture covers the fundamental principles of reaction kinetics, including the relationship between time and reaction progress, examples of reactions where time is crucial, rate laws, reaction orders, measurement techniques, half-life determination, and binding kinetics. The instructor explains how to measure reaction rates, the concept of reaction half-life, and the kinetics of binding between ligands and proteins. Real-life examples of binding kinetics measurements are discussed, along with the importance of equilibrium constants in determining the efficiency of reactions.