Redox reactions involve oxidation and reduction occurring simultaneously.

Oxidation is the loss of electrons

Reduction is the gain of electrons

These two reactions cannot occur in isolation.

The two equations are added to provide the reaction equation:

In terms of oxidation number:

 For the oxidation: there has been an increase of +2

 For the reduction: there has been an increase of -2

An oxidising agent is substance which oxidises something else. In the above

example, the iron (III) oxide is the oxidising agent.

A reducing agent reduces something else. In the equation, the carbon monoxide is
the reducing agent.

 Oxidising agents give oxygen to another substance.

 Reducing agents remove oxygen from another substance.