Final answer:
The transfer of oxygen and carbon dioxide between the air and blood in the lungs is accomplished by external respiration, a vital process for maintaining homeostasis by balancing oxygen and carbon dioxide levels in the body.
Step-by-step explanation:
The transfer of oxygen and carbon dioxide between the air and blood in the lungs is accomplished by external respiration. This is the gas exchange process that occurs in the pulmonary alveoli, where the lungs provide oxygen to the body cells through the blood and eliminate carbon dioxide from the body. Ventilation is the process of moving air in and out of the lungs, while perfusion impacts blood flow in the capillaries. It is essential that both ventilation and perfusion are sufficient to create a high partial pressure of oxygen for effective gas exchange. Oxygen is carried from the lungs to the body's tissues primarily bound to hemoglobin in red blood cells, illustrated by the formation of oxyhemoglobin. This process allows for maintaining homeostasis by balancing oxygen supply, carbon dioxide waste removal, and the pH of the blood.