Answer
$z^4-2z^2y^2+y^4$
Work Step by Step
Using special products, the given expression is equivalent to
\begin{align*}
&
(z-y)(z+y)(z^2-y^2)
\\\\&=
(z^2-y^2)(z^2-y^2)
\\\\&=
(z^2-y^2)^2
\\\\&=
(z^2)^2+2(z^2)(-y^2)+(-y^2)^2
\\\\&=
z^4-2z^2y^2+y^4
.\end{align*}