The term for the process of photosynthesis occurring in algae is the same as in land plants, involving the conversion of light energy into chemical energy stored in glucose. Algae utilize sunlight, carbon dioxide, and water to produce glucose and oxygen through chlorophyll pigments, which capture light energy. This process is vital for sustaining aquatic ecosystems as it forms the base of the food web, providing energy for a variety of organisms. Additionally, photosynthesis in algae contributes significantly to global oxygen production and carbon sequestration, making it crucial for ecological balance.