What is the difference between simulator & emulator?

Emulator is a system that performs in exactly the same way as another, though perhaps not at the same speed. A typical example would be emulation of one computer by (a program running on) another. You might use an emulation as a replacement for a system whereas you would use a simulation if you just wanted to analyze it and make predictions about it.

Attempting to predict aspects of the behavior of some system by creating an approximate (mathematical) model of it. This can be done by physical modeling, by writing a special-purpose computer program or using a more general simulation package, probably still aimed at a particular kind of simulation (e.g. structural engineering, fluid flow). Typical examples are aircraft flight simulators or electronic circuit simulators. A great many simulation languages exist,

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