Memory management handles primary memory and moves processes between main memory and disk during execution. It tracks allocated and free memory locations and decides which processes get memory and when. Address binding maps a program's logical addresses to physical memory addresses using the memory management unit (MMU). At different stages - compile time, load time, or execution time - the binding of instructions and data to memory addresses can occur. The process address space refers to the set of logical addresses a process references, while physical addresses correspond to logical addresses in memory. The MMU converts virtual addresses generated by processes to physical addresses using a base register value as an offset.