Priority 1: Aerobic respiration

glucose + oxygen → carbon dioxide + water (+ energy). Occurs in the mitochondria. Releases a large amount of energy. Takes place continuously in all living cells.

Priority 2: Anaerobic respiration

In animals: glucose → lactic acid (+ some energy). In yeast: glucose → ethanol + carbon dioxide (+ some energy). Occurs in the cytoplasm only. Releases much less energy because glucose is only partially broken down.

Priority 3: Oxygen debt

After intense exercise, lactic acid must be broken down using oxygen. The extra oxygen needed is the oxygen debt. This is why you continue breathing heavily after exercise: to supply oxygen for lactic acid breakdown in the liver.