Final answer:
The Niche Concept in biology defines a species by its ecological niche, which represents its interactions with both biotic and abiotic components of the ecosystem and encompasses its unique role and functional activities within that system.
Step-by-step explanation:
The species concept that views a species in terms of its ecological niche, which encompasses how members interact with the nonliving and living parts of their environment, is called the Niche Concept. The ecological niche includes all the ways that a species interacts with the biotic and abiotic factors of its ecosystem. This includes aspects such as the type of food the species consumes, how it acquires that food, and its role in the ecosystem's energy and matter cycles.
Essentially, an ecological niche outlines the full range of environmental factors and biological roles that define how a species fits into and interacts with its ecosystem. It is the unique role that a species plays and includes everything from habitat utilization to nutrient cycling and interactions with other species. If two species were to share an identical niche, competitive exclusion would likely occur, leading to one species outcompeting the other.