The reaction of calcium carbonate (CaCO3) and nitric acid (HNO3) produces:

* Calcium nitrate (Ca(NO3)2) - a soluble salt.

* Carbon dioxide (CO2) - a gas.

* Water (H2O) - a liquid.

Here's the balanced chemical equation:

CaCO3 (s) + 2 HNO3 (aq) → Ca(NO3)2 (aq) + CO2 (g) + H2O (l)

This reaction is a classic example of an acid-base reaction. The nitric acid acts as an acid, donating a proton (H+) to the carbonate ion (CO3^2-) in calcium carbonate. This results in the formation of carbonic acid (H2CO3), which quickly decomposes into carbon dioxide and water.