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Carbon dioxide and oxygen are important to life on earth because they help make up living organisms as they both go hand in hand. Although the air is made up of mostly nitrogen, oxygen and carbon dioxide are the most important factors because they allow us as well as other organisms to breathe and give energy from one organism to another. for example as we inhale the oxygen that plants provide we return the favor as we exhale carbon dioxide which is important for plants so they can undergo photosynthesis.