What are the differences between machine.config and web.config files?

Sno	Web.config	Machine.config
1	It is a config file for a single application.	It is a config file which is common for all the applications in a machine
2	It will be available in the application folder.	It is available in the Microsoft.NET\Framework\{version}\CONFIG Folder.
3	The settings in the web.config overrides that of Machine.config	Cant do.
4	Automatically installed when visual studio .net is installed	This is automatically created when you create an asp.ne website