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VMs, Host OS, Guest OS, Hypervisor, emulation
Virtual Machine
An emulation of an existing computer system, and OS in an OS. Nothing malicious can escape it.
Host OS
Controls physical hardware, oversees virtual hardware through the guest OS.
Guest OS
An OS running on a virtual machine. Has no ‘awareness’ that it is hosted, thinks it is an actual OS. Does not have same performance as real machine, complex, can be expensive.
Hypervisor
Handles the mapping of virtual hardware to physical hardware.
Note 
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