SFBO: Meetings vs Conference

Hey Guys, 

I am hoping for some clarification here. I am little confused on the differences between SFBO: Meeting Configuration and Conferencing Policies. 

How and when does one apply vs the other. For instance if i disable audio/video using the command Set-CSMeetingConfiguration -AllowConferenceRecording but leave it enabled using Set-CSConferencingPolicy -EnableP2PVideo (or)  -AllowIPVideo ? What options are selected for users when they create a meeting? 

Also what is the difference between a meeting and a conference? Any ideas? 

Thanks, 

Robert