In the audio world, “balance” refers to the relative levels of the left and right channels in a stereo signal.
The term has many other meanings. In the music/pro audio world, some include:
1. To create a balanced signal.
2. To adjust the levels of two or more channels in a mix.
3. To establish the relative volume levels of two or more instruments onstage.
4. To remain upright while standing on one foot while operating a wah-wah or other pedal.