The Difference between Master-detail relationship and Lookup relationship

There are some major concepts that I have internalized while on my beginning journey to being a Salesforce Admin. For starters, there one major concept to know when creating field and object relationships. That is the difference between master - detail relationship and the lookup relationship. Both are similar, but have some very distinct attributes for the end user. While both allows the user in one object to reference another object when creating records. The Master - detail forces the user to reference a master (parent) object when a record being created. Salesforce would not allow the user to save a record without the parent object. Once that master object is deleted, every record on the detail (child) object will also be deleted. Lookup relationship has an opposite feature. A user can save a record to an (child) object without having to reference a (parent) object. When an object is referenced that has not been created, Salesforce initiates an object for that record. If that referenced object is deleted, it does not effect the record that was made on the Lookup relationship object.