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The reaction stoichiometry states that 1 mole of A will react with 2 moles of B to produce 1 mole of AB2. Since we need 2 moles of B to completely react with 1 mole of A, we will run out of B first (there is only one mole of B available). Whatever reactant runs out first is called the limiting reactant or limiting reagent. Thus B is the limiting reagent in the above scenerio. The reaction stops after the limiting reagent runs out. In the above case 1 mole of B reacts with 0.5 mol of A to produce 0.5 mole of AB2 with 0.5 mol of A unreacted.
The terms reactant and product can be used to describe constituents of individual enzymatic reactions or entire metabolic pathways. Reactants (or 'substrates') are the starting materials for a reaction, In the generic reaction shown below, A and B are the reactants. C and D are the products. CO2 and RUBP are the reactants in this reaction, Rubisco is the enzyme, and the product is two molecules of 3PGA. We can also refer to the reactants and products of entire metabolic pathways, such as of the light-independent reactions.