STEP-BY-STEP ANSWER:
Step 1: High-energy electrons from NADH and FADH2 are transferred through a series of protein complexes in the inner mitochondrial membrane.
Step 2: As electrons move through these complexes, energy is released and used to pump protons (H+) from the mitochondrial matrix into the intermembrane space, creating a proton gradient.
Step 3: The accumulated proton gradient represents stored energy, which is then utilized by ATP synthase to synthesize ATP; this process is known as chemiosmosis.
Step 4: Oxygen acts as the final electron acceptor, combining with electrons and protons to form water.
Final Answer: The electron transport chain creates a proton gradient across the mitochondrial membrane that drives ATP synthesis via chemiosmosis.