The reaction you have written is a chemical equation for a precipitation reaction between iron(III) nitrate and lithium chromate, which results in the formation of iron(III) chromate and lithium nitrate. Precipitation reactions occur when two solutions are mixed and a solid product is formed, which typically settles at the bottom of the container. The equation is balanced, meaning that the number of atoms of each element is equal on both sides of the arrow. This is an important aspect of chemical reactions, as the law of conservation of mass states that matter cannot be created or destroyed in a chemical reaction.