### Step-by-Step Solution:
1. **Definition of Species**: A species is defined as the basic classification unit in biological taxonomy. It is the smallest taxonomic category and represents a group of organisms that can interbreed and produce fertile offspring.
2. **Definition of Taxon**: A taxon (plural: taxa) refers to any level of taxonomic category. This can include various ranks such as kingdom, phylum, class, order, family, genus, and species.
3. **Monophyletic vs. Polyphyletic**: A species is always considered monophyletic, meaning that all members of a species share a common ancestor. In contrast, a taxon can be either monophyletic (derived from a single ancestor) or polyphyletic (derived from multiple ancestors).
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