Final answer:
The term that best describes the massive cultural, social, and biological exchange between the New World and the Old World following European exploration and colonization is The Columbian Exchange, characterized by the exchange of plants, animals, and other goods, and it had a profound impact on global societies and economies.
Step-by-step explanation:
When discussing the population movement and the founding of new societies in the Americas, the correct term that describes this historic period where there was a significant exchange of culture, goods, and population between the New World and the Old World is The Columbian Exchange. This began post Christopher Columbus's voyages and was characterized by the vast transfer of plants, animals, culture, human populations, technology, diseases, and ideas between the Americas and the Old World. Notably, the arrival of Europeans in the Americas led to significant upheaval, as they brought with them different technology, weaponry, as well as new concepts of ownership and social organization that forever transformed the native cultures and societies.
The Columbian Exchange also brought profound economic changes with the introduction of new products like tobacco and cotton, which initiated a change in the local agricultural practices and contributed to the establishment of slavery. This exchange had a significant impact on every aspect of life in both worlds, reconfiguring economies, societies, and the environment.