From David Bolton,
Your Guide to C / C++ / C#.
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Definition: The terms executable, program and application are often used to mean the same thing. Strictly though a program or executable refers to one file that can be run. An application can be anything from a single executable program to something the size of Ms Word, made up of many executables.

Glossary:

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Also Known As: Program, Executable.

Examples: My text processing application took three hours to populate the database.