Final answer:
Oxidation is correctly defined as the loss of electrons, gain of oxygen, or loss of hydrogen atoms in a chemical substance.
Step-by-step explanation:
The correct way to define oxidation in a chemical reaction is the loss of electrons. Other definitions include the gain of oxygen atoms to a substance or the loss of hydrogen atoms from a substance. When a substance undergoes oxidation, its oxidation state increases.
Conversely, reduction can be defined as the gain of electrons, loss of oxygen, or gain of hydrogen. In any redox (reduction-oxidation) reaction, both oxidation and reduction processes occur simultaneously.