Final answer:
Seafloor spreading is the process that generates new seafloor at mid-ocean ridges as tectonic plates diverge and molten rock rises to create new crust, balanced by the destruction of old crust at subduction zones.
Step-by-step explanation:
The name of the process by which new seafloor is generated at mid-ocean ridges is seafloor spreading. This geological process occurs along mid-ocean ridges, where tectonic plates are diverging or pulling apart. As they separate, molten rock, or basaltic lava, rises from the mantle to fill the space between the receding plates. This molten rock then solidifies to form new oceanic crust.
The creation of new seafloor at mid-ocean ridges is counterbalanced by the destruction of old oceanic crust at subduction zones, where one tectonic plate is forced beneath another into the mantle and melts, completing the cycle of plate tectonics.