The document summarizes the key differences between C3 and C4 photosynthesis. C3 photosynthesis fixes carbon dioxide into a 3-carbon compound and occurs in most plant species. C4 photosynthesis initially fixes carbon dioxide into a 4-carbon compound and occurs in plants adapted to hot and dry climates like grasses. The C4 pathway concentrates carbon dioxide around rubisco to increase photosynthetic efficiency and reduce water loss through transpiration.