Explain how the 'git pull' command synchronizes the local repository with the remote one and what happens when it is executed.

The git pull command performs two operations: first, it fetches changes from the remote repository (equivalent to git fetch), and then it attempts to automatically merge these changes with the current branch (equivalent to git merge).

The process looks like this:

1. Git contacts the remote repository and downloads all new commits and objects.
2. Then Git tries to merge these changes with the local branch.

If there are no conflicts, the merge happens automatically. If there are conflicts, Git will ask you to resolve them manually.

Thus, git pull updates the local branch by synchronizing it with the remote one.