Difference between a View's Padding and Margin

Question

What is the difference between a View\'s Margin and Padding?

Answer 1

Margin refers to the extra space outside of an element. Padding refers to the extra space within an element. The margin is the extra space around the control. The padding is extra space inside the control.

It's hard to see the difference with margin and padding with a white fill, but with a colored fill you can see it fine.