Difference between Mage::getSingleton() and Mage::getModel()

Mage::getSingleton():- It always check that Object is already created or not if already created then use this, otherwise create new object. It follows the Singleton design pattern.
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Mage::getSigleton(‘ModuleName/ModelName’);
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Mage::getModel():- It always create new Object. It follow Standard Factory pattern.
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Mage::getModel(‘ModuleName/ModelName’);
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