I'm trying to put this together; however, I can't picture it...The only thing I can see so far is that one RNA primer is laid down and the rest is replicated just like the leading strand so their isn't a lagging strand anymore?
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As I understand this, without Okazaki fragments, DNA synthesis would not proceed and the cell would die. That's pretty basic, I'm afraid. I'd have to do more research to get you a fancier answer, but this is the end result.
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Theres only 1 DNA pol II per cell and its only able to synthesize DNA in the 5' -> 3' direction. The lagging strand makes a loop so that DNA polymerase is able to synthesize both strands while only going in 1 direction. Here's an image that shows that: http://www.nature.com/nature/journal/v46… . On the lagging strand, its can only synthesize 5->3', but is going the 3'-> 5' direction so it has to keep making okazaki fragments in order to polymerize the lagging strand.