Final answer:
Early binding times in programming languages are associated with performance optimization, while late binding times allow for greater flexibility and dynamic behavior.
Step-by-step explanation:
Early binding times (before run time) in programming languages are associated with greater performance optimization. By statically binding variables and function calls at compile time, the compiler can make certain optimizations that result in faster execution during run time. Examples of this include constant folding and loop unrolling.
On the other hand, late binding times (at run time) allow for greater flexibility and dynamic behavior in programming languages. Late binding, also known as dynamic binding or dynamic dispatch, allows the program to determine the appropriate function or method to invoke at run time based on the actual type of an object. This is especially useful in cases where the exact type of an object may not be known until run time, such as in polymorphism or inheritance.