I learned in an algebra class that given any category $\mathcal{C}$ of algebras of signature $(\Omega,E)$ where $\Omega$ is the set of function symbols and $E$ is the collection of identities, colimits exists in $\mathcal{C}$. Specifically, the colimit of some diagram $\mathcal{I}$ in $\mathcal{C}$ will be the quotient of the free product of objects of $\mathcal{I}$.
The quotient is related to some co-equalizer or equalizer. However, is there instead a nice explicit description of the generators of the quotient in terms of the arrows in $\mathcal{I}$?
If such a description exists, in the special case where $\mathcal{I}$ is directed set, how does this quotient reduce to the disjoint union of objects i $\mathcal{I}$ modulo `eventual equivalence' as described in Wikipedia? https://en.wikipedia.org/wiki/Direct_limit.
If such a concrete description exists, it would be marvelous and once and for all generalize many constructions, though perhaps it might be too good to be true.
You've sort of given a description of generators of the colimit already: you get a generating set by taking (the images of) the elements of objects of $\mathcal{I}$.
In fact, the colimit is precisely the algebra presented by:
The above is pretty much exactly the characterization of a colimit in terms of coproducts and coequalizers.