what does mean by debug build and release build, difference and uses

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Debug/Release difference

I want to know what do these two mean: Debug build and Release build and what is the difference between both.

Which one should I use (I mean which are the suitable conditions for each one) and which build actually I am using now if I make a simple C++ project in Visual studio. [If I do not change any projects settings]

I am asking this because I am trying to make a GUI using wxWidgets 2.9.4 and they give different case of adding required .lib. these are

release ANSI static

debug ANSI static

release Unicode static

debug Unicode static

Please put a detailed answer.

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