Differentiate between logical address and physical address.

A logical address is the address of the instruction or data word as used by a program (this includes the use of index, base or segment register).
A physical address is the effective memory address of an instruction or data word. The set of physical addresses generated during operation of system constitute the physical address space of the system. The compile time and the load time address binding schemas results in environment where the logical and physical address are same, whereas during execution time addresses buffer.