Question

What do the term phycobiont and mycobiont signify?

Answer 1

Phycobiont 
Refers to the algal component of the lichens Mycobiont 
Refers to the fungal component.

Answer 2

Lichens are good examples of symbiotic life of algae and fungi. Phycobiont is the name of the part composed of algae and Mycobiont is the name of the part composed of fungi. Fungi provide minerals and support to the alage, while algae provide nutrition to the fungi.