Final answer:
Earth's atmosphere has low CO₂ levels due to it being dissolved in water and stored in carbonate rocks, and the presence of life that regulates the carbon cycle.
Step-by-step explanation:
Earth's atmosphere contains small amounts of carbon dioxide (CO₂) primarily because it dissolves in water and most of it is now contained in the oceans and carbonate rocks. The presence of water and the emergence of life significantly altered Earth's atmospheric composition. Water played a critical role in chemically binding CO₂ in rocks and life forms, especially those capable of photosynthesis, helped to decrease CO₂ levels and increase oxygen levels.
Comparatively, Venus and Mars have atmospheres with about 96 percent CO₂ because they lack water, which acts as a 'safety valve', and life, which drives the carbon cycle to lock CO₂ in organic and mineral forms. The greenhouse effect on Earth is moderated by these mechanisms, avoiding the extreme conditions seen on Venus.