Which of the following  is the correct sequence of events of respiration in our body?
(i)  Exchange of gases between deoxygenated blood and alveoli.
(ii) Utilisation of oxygen by the cells.
(iii) Exchange of gases between oxygenated blood and tissues.
(iv) Inhalation of air.

Respiration involves the following steps:

(i) Breathing or pulmonary ventilation by which atmospheric air is drawn in and CO₂ rich alveolar air is released out.
(ii) Diffusion of gases (O₂ and CO₂) across alveolar membrane.
(iii) Transport of gases by the blood.
(iv) Diffusion of O₂ and CO₂ between blood and tissues.
(v) Utilisation of O₂ by the cells for catabolic reactions and resultant release of CO₂.