Actually flavours are smells, whereas acidity is a taste. And indeed acidity needs to be balanced by other tastes, in the case of wine mainly sweetness (salt can be present, IMHO this is what people describe as "mineral", and bitterness is usually absent). Tannin is not really a taste but a mouth feel (it is sometimes erroneously described as bitterness), it also balances acidity, mainly in red wines.
Flavours are a separate matter really, not entering in the concept of balance as generally understood in wine.