Are Outlook and Exchange the same thing?

Are Outlook and Exchange really one and the same, or do they serve different purposes in the realm of email and communication? I've often heard these terms used interchangeably, but I'm curious if there's a distinct difference between the two. For instance, does Outlook act as a client-side interface for accessing Exchange services, or is it a standalone application that can function independently? And how does this distinction, if any, impact the way businesses utilize these tools for their communication needs?