External respiration involves the

exchange of dissolved gases between the blood and the interstitial fluid.
utilization of oxygen by tissues to support metabolism.
binding of oxygen by kemoglobin.
movement of air into and out of the lungs.
diffusion of gases between the alveoli and the circulating blood.

diffusion of gases between the alveoli and the circulating blood.

External respiration involves the movement of air into and out of the lungs, as well as the exchange of gases between the alveoli (tiny air sacs in the lungs) and the circulating blood. During this process, oxygen from the inhaled air diffuses across the respiratory membrane into the capillaries surrounding the alveoli, while carbon dioxide, a waste product, moves from the blood into the alveoli to be exhaled. This exchange of dissolved gases between the blood and the interstitial fluid occurs through the capillary walls, allowing oxygen to be transported to the tissues to support metabolism. The binding of oxygen by hemoglobin, a protein in red blood cells, occurs in the bloodstream, facilitating the transport of oxygen from the lungs to the tissues.