anusha(salesforce developer)

Difference between formula and Rollup Summary fields? When should Rollup- Summary field enable

What are formula and Rollup Summary fields and Difference between them? When should Rollup- Summary field enable?
Formula: A read-only field that derives its value from a formula expression that we define. The formula field is updated when any of the source fields change.
Rollup Summary: A read-only field that displays the sum, minimum, or maximum value of a field in a related list or the record count of all records listed in a related list.

Difference is below:
                  Formula fields calculate values using fields within single record, roll-up summary fields calculate values from a set of related records.
When we give the master-detail relationship it get’s enable to the master object

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