Final answer:
The process described is 'working memory', where information is actively maintained and manipulated for cognitive tasks. It differs from sensory memory or short-term memory, which are brief and limited, and long-term memory, which is for permanent storage.
Step-by-step explanation:
The conscious, active processing of new incoming information and of information retrieved from long-term memory is called working memory. This is part of our cognitive system that is responsible for temporarily holding accessible information for task-related use. Working memory serves as a workspace for the mind, where information is kept available for processing purposes, such as problem-solving, comprehension, and reasoning. It is where sensory input is evaluated, and relevant data is connected to our long-term memory.
In contrast, sensory memory is the very brief storage of sensory experiences, short-term memory (STM) serves as a temporary storage for small amounts of information, and long-term memory is the permanent storage of information. The term short-term memory is often used interchangeably with working memory, but they are not identical, as short-term memory is technically a component of the broader concept of working memory.