Models lets us test scenarios to see what would happen if you did this or that. It helps us not do the same thing in real life, it saves money and time. For example a pop star wanted to create a show, and he/she wants to know if it is possible to have income. He would use a model, in his model he will include formulas, and functions. He wants to try and answer "Is It Possible?" and "How Many People Is Needed To Have Profit?"
A simulator is a method to represent real life. It interacts with the real world, and it is base on a model. For instances, a pilot wants to fly an aircraft, he must step into a stimulator and test out what he would do in a real life situation.
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