Latex
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Latex is an emulsion of polymer microparticles in water. Latices are found in nature, but synthetic latices are common as well.
Tapping of latex from a tree, for use in rubber production
Rubber tapping latex
Opium poppy exuding fresh latex from a cut
Emulsion
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An emulsion is a mixture of two or more liquids that are normally immiscible owing to liquid-liquid phase separation. Emulsions are part of a more general class of two-phase systems of matter called colloids. Although the terms colloid and emulsion are sometimes used interchangeably, emulsion should be used when both phases, dispersed and continuous, are liquids. In an emulsion, one liquid is dispersed in the other. Examples of emulsions include vinaigrettes, homogenized milk, liquid biomolecular condensates, and some cutting fluids for metal working.
An example of the ingredients used to make mayonnaise; olive oil, table salt, an egg (for yolk) and a lemon (for lemon juice). The oil and water in the egg yolk do not mix, while the lecithin in the yolk serves as an emulsifier, allowing the two to be blended together.