Simulator or Emulator? What is the difference?

Question

While I understand what simulation and emulation mean in general, I almost always get confused about them. Assume that I create a piece of software that mimics existing hard

Answer 1

If a flight-simulator could transport you from A to B then it would be a flight-emulator.

An emulator can replace the original for real use.
A Virtual PC emulates a PC.

A simulator is a model for study and analysis.

An emulator will always have to operate close to real-time. For a simulator that is not always the case. A geological simulation could do 1000 years/second or more.