UNIX for Dummies Questions & Answers

I have googled around to find the difference between LD_LIBRARY_PATH & PATH. But the answers are creating more confusion.

What is exact difference between these two paths?

The PATH is where your os will search your default executables.

or defination

Program files (executables) are kept in many different places on the Unix system. Your path tells the Unix shell where to look on the system when you request a particular program.

LD_LIBRARY_PATH is where your dinamically stripped executable files will search the lib files they require to startup.

Or another def
environment variable tells the shell on Solaris systems which directories to search for client or shared Informix general libraries. You must specify the directory that contains your client libraries before you can use the product.