Final answer:
A reducing agent indeed donates electrons to another substance during a redox reaction, resulting in its own oxidation and the reduction of the other substance.
Step-by-step explanation:
The statement 'Reducing agents extract oxygen or electrons from other substances' is indeed correct. In chemical terms, a reducing agent is a substance that donates electrons to another substance and in the process, it is oxidized. Conversely, the substance that gains the electrons is said to be reduced. A classic example of this process can be observed in a redox (reduction-oxidation) reaction where oxygen is often involved. For instance, in a reaction where copper reduces oxygen, copper acts as a reducing agent and oxygen is reduced. This is because oxygen gains electrons, which is clearly indicated when the copper loses its electrons to oxygen.
Furthermore, reducing agents have what is known as a 'redox potential', indicating their relative ability to donate electrons compared to hydrogen. Understanding the role of reducing agents and oxidizing agents is crucial in redox chemistry. These concepts are pivotal as they demonstrate how substances interact through the transfer of electrons, leading to significant changes in the chemical composition and properties of the involved compounds.