Final answer:
The process of linking new information with pre-existing knowledge to enhance memory is known as elaborative rehearsal, which combines deep cognitive processing and repetition to improve long-term retention.
Step-by-step explanation:
The process of linking new facts with old facts already stored in the memory bank is known as elaborative rehearsal. This technique involves thinking about the meaning of new information in relation to what is already known and has proven effective for enhancing memory retention. For instance, to remember a person's phone number with an area code of 520, one might associate it with the fact that Arizona's area code is 520, thus creating a mnemonic based on pre-existing geographical knowledge.
Elaborative rehearsal not only links the new and existing information but also often includes active repetition, enhancing the transition from short-term to long-term memory. This is different from simple memorization or rote repetition. By linking information in such a meaningful way, people can recall information more efficiently, as supported by Craik and Lockhart's levels of processing hypothesis, which suggests that deeper cognitive processing improves retention.
Memory construction involves creating new memories, while reconstruction is the process of recalling and potentially altering old memories. These processes highlight that our memories are not static and can evolve as we interact with new information and experiences.