Ventilation
Fresh air reaches alveoli
Failure: hypoventilation, airway obstruction, rapid shallow breathing, or increased dead space.
Diffusion
Gas crosses a thin barrier
Failure: fibrosis, edema, reduced surface area, or short capillary transit time during exercise.
Perfusion
Blood reaches matched alveoli
Failure: embolism, low cardiac output, capillary destruction, shunt, or V/Q mismatch.