How is a process defined in computing terms?

In computing, a process is defined as a program that is being executed, which includes the program code and its current activity. Specifically, it refers to the execution of an application in memory. This encompasses all the resources allocated to run the program, such as memory space, CPU time, and other system resources necessary for the application to function.

The selection pertaining to an application that executes code in memory captures this essence, as it highlights that a process is not just the static code of an application but is the dynamic execution context of that code. When a program is loaded into memory and is being processed by the CPU, it becomes a process, which is essential for the operating system to manage multitasking and resource allocation.

The other choices focus on different aspects of computing that do not encapsulate the definition of a process. For instance, memory storage location pertains to how data is organized and retrieved in memory, a user interface component relates to the design elements that users interact with, and a network connection deals with communication protocols and data transfer. None of these options reflects the active execution of a program, which is central to the concept of a process in computing.