It goes something like this:
Gasoline is a mixture of hydrocarbons, made up of carbon (C) and hydrogen (H) combined in various ratios. When gasoline is burned, the carbon is combined with oxygen (O) in a 2 step process. Step 1 is combustion of C to CO (carbon monoxide); step 2 is further combustion of CO to CO2 (carbon dioxide). (This is extremely simplified, the combustion of hydrocarbons is a complex and messy process, but it gets the basic idea across). Ideally, we want all of the carbon to burn all the way to CO2, that way we extract the maximum energy from the gasoline by burning it completely.
But nothing is perfect, so while most of the C burns to CO2, some is only burned partially and comes out as CO. This occurs even under the best of circumstances, and it allows CO to basically be a measure of combustion efficiency as well as air/fuel ratio. There are a lot of factors that determine how much CO is left over, but the one we're usually interested in is the air/fuel ratio. If the mixture is rich, meaning there is too much fuel for the available air, we get more CO. As the mixture gets leaner, the percentage of CO decreases. Too little CO means the engine is running too lean, too much CO means it's too rich. We want to basically hit the factory CO spec to get the mixture right.
The job of catalytic converters is to convert CO and any unburned fuel in the exhaust all the way to CO2. Even modern cars don't burn fuel perfectly, so there's always a little bit of CO and unburned fuel in the exhaust. Not much any more, but still something for the cats to work on.
There will be a test on this next week. For extra credit, explain where NOx comes from...
George Davis
'69 280 SL Euro manual