Final answer:
An acquisition is the process in which one firm buys another firm, while a merger is a combination of two formerly separate firms into one.
Step-by-step explanation:
In the context of corporations, acquisition is a corporate restructuring in which one firm buys another. It differs from a corporate merger, which is when two formerly separate firms combine to become a single firm. While an acquisition may result in the purchased firm operating under its original name, both mergers and acquisitions result in two formerly independent firms operating under common ownership. Such corporate restructuring is significant in the business world as it can affect competition, which is why antitrust laws exist to regulate these actions.