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During photosynthesis, light energy transfers electrons from water (H2O) to carbon dioxide (CO2), which produces carbohydrates. In this transfer, the CO2 is reduced, or receives electrons, and
the water becomes
oxidized, or loses
electrons.
Ultimately, oxygen
is produced
along with
carbohydrates. 
The Calvin Cycle is creation of sugar and oxygen from carbon dioxide, water, and light energy from the sun. As shown in the photosynthesis diagram above.
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