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Definition of balance wheel:

1. A ratchet- shaped scape wheel, which in some watches is acted upon by the axis of the balance wheel proper ( in those watches called a balance).
2. A wheel which imparts regularity to the movements of any engine or machine; a fly wheel.
3. A wheel which regulates the beats or pulses of a watch or chronometer, answering to the pendulum of a clock; - often called simply a balance.

Synonyms:

equalizer, counterweight, residuum, residual, remainder, correspondence, equipoise, balance, equaliser, equilibrium, symmetricalness, proportionality, proportion, counterbalance, symmetry, residue, rest, counterpoise.