According to the diagram, cellular respiration and photosynthesis are the phrases that best summarize the events taking place in Step 2.
<h3>What is the Carbon Cycle?</h3>
It is the way carbon circulates through the atmosphere, the oceans, and the Earth's surface and interior.
Cellular respiration and photosynthesis respectively release and capture carbon dioxide from the atmosphere, as a by-product or input of their biochemical pathways, carbon from CO2 is absorbed by plants and released along with water vapor during animal respiration.
Therefore, we can conclude that according to the diagram, cellular respiration and photosynthesis are the phrases that best summarize the events taking place in Step 2.
Learn more about Carbon Cycle here: brainly.com/question/23877450
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