The term for a chemical reaction that absorbs energy is called an endothermic reaction. In these reactions, energy is taken from the surroundings, resulting in a decrease in temperature of the environment. Examples include the process of photosynthesis, where plants absorb sunlight to convert carbon dioxide and water into glucose and oxygen. Understanding endothermic reactions is crucial in various fields, such as chemistry and biochemistry, as they highlight energy transformations in biological and chemical processes.