In the chemical reaction shown, 2H2 + O2→H2O, hydrogen and oxygen are called reactants.
A chemical reaction equation is has a left and a right hand side separated by an arrow.
The species on the left hand side "combine" to yield the specie(s) on the right hand side.
These species on the left hand side undergo breaking of bonds are rearrangement of atoms to give the species on the right hand side.
Hence, the species on the left hand side are called reactants because they combine with each other to give the species on the right hand side (products).
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