Can someone explain the concepts behind the Michaelis-Menten equation?

Question

I don't need the derivation, just the concept behind it.

Answer 1

Michaelis-Menten kinetics describes the kinetics of many enzymes. It is named for Leonor Michaelis and Maud Menten. This kinetic model is valid only when the concentration of enzyme is much less than the concentration of substrate (i.e., enzyme concentration is the limiting factor).
http://en.wikipedia.org/wiki/Michaelis-Menten

This looks like a good explanation.
http://www.le.ac.uk/by/teach/biochemweb/tutorials/michment2print.html