In an equilibrium mixture both reactants and products coexist. The values for equilibrium constants are tied to the amounts of reactants and products in equilibrium mixtures. The number values for "K" are determined by experiments measuring equilibrium concentrations. The "K" tells the equilibrium ratio of products to reactants.
The value for K is large when products dominate the mixture. This implies that products are 'favored' over reactants. When the value for K is small the reactants dominate the mixture and are 'favored' over products.
The expression for an equilibrium reaction is determined by the coefficients in the balanced equation.
Large K > 1 products are "favored" they dominate the mixture
K = 1 neither reactants nor products are favored
Small K < 1 reactants are "favored" they dominate the mixture