Final answer:
The light reactions of photosynthesis occur in the thylakoid membranes, while the Calvin cycle takes place in the stroma of chloroplasts.
Step-by-step explanation:
The light reactions of photosynthesis occur in the thylakoid membranes of chloroplasts and involve the conversion of solar energy into chemical energy in the form of ATP and NADPH. These reactions rely on chlorophyll and other pigments housed within photosystems to capture light energy. In contrast, the Calvin cycle takes place in the stroma of chloroplasts, using the ATP and NADPH generated by the light reactions to convert CO2 into organic compounds like G3P, a precursor to glucose and other carbohydrates.