what is the difference between floor price and price ceiling?

CAN YOU PLEASE GIVE THE BASIS OF DIFFERENCE ?

Basis of Difference

Price Ceiling

Price Floor

Meaning

Maximum level of price that a seller can charge.

Minimum level of price that a seller should charge.

Basic Rationale

To protect the welfare of poor and vulnerable people of the society.

To protect the welfare of labourers and farmers by ensuring minimum returns.

Price

Maximum Price is set below the equilibrium price.

Minimum Price is set above the equilibrium price.

Effect

Leads to excess demand.

Leads to excess supply.