Here's the balanced chemical equation for the reaction:

2CuO + C → 2Cu + CO₂

This is a classic example of a reduction-oxidation (redox) reaction:

* Reduction: Copper oxide (CuO) is reduced to copper (Cu) by gaining electrons.

* Oxidation: Carbon (C) is oxidized to carbon dioxide (CO₂) by losing electrons.

The carbon acts as a reducing agent, while the copper oxide acts as an oxidizing agent.