The Species is the basic unit of Taxonomy.
This is a convenient term.Taxonomy is the formal science which attempts to classify species.
The word Taxon can be used to designate a group of related organisms without being specific about their taxonomic level.

The literal meaning of the word Species is Kind. This is a general concept and could refer to different types of lava or different types of palms.
Plants can be grouped based on qualitative & quantitative traits like stature, leaf shape & flower color. These are said to be Morphological or Anatomical traits.
Reproductive characteristics have been regarded as extremely important traits for the classification of algae plants and fungi. However, other morphological and anatomical features are also significant.
Classical genetics and molecular genetics bring us to the genome where species traits become more certain. It has been possible to extract DNA from fossils and compare it with the DNA of living species to see the genetic similarities or differences However, this has many limitations.
The Species concept is clear for most animals because different species can't reproduce sexually. Human beings constitute a single species despite the Morphological differences between our "races".
Lions and Tigers have many similarities but they can't interbreed. Consequently, they are different species.
Speciation in plants is less certain because plants which look like different species may be able to hybridize and produce offspring. Dr. Carr has studied the Silversword complex of plants in Hawaii and on the Mainland. While these plants differ in many respects, they can all interbreed! This makes it difficult to clearly define plant species!
It is impractical to sort this out experimentally for most plants. Consequently, plant species are usually separated by their morphological and anatomical traits until more is known about their genetics.

Similar Species are grouped into a Genus.
Similar Genera are grouped into a Family.

Locally Important Example