Gas exchange between the air in the lungs and the blood takes place in the alveoli.
ALVEOLI:
Gaseous exchange is a phenomenon whereby gases (carbon dioxide and oxygen) are taken in and out of the body.
Carbon dioxide is a product of respiration, hence, giving out. Oxygen is a reactant, hence, taken in. Carbon dioxide and oxygen are absorbed and removed from the blood in the general respiratory process.
The alveoli are richly supplied with blood capillaries and are sites of gaseous exchange in some livingorganisms.
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