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 follow Singleton design pattern.
Mage::getSigleton(‘ModuleName/ModelName’)

Mage::getModel():- It always create new Object. It follow Standard Factory pattern.
Mage::getModel(‘ModuleName/ModelName’)