Emulsion → The colloidal solution in which both the dispersed phase and dispersion medium are liquids is called an emulsion.
Emulsions are classified as-
Oil in water type- The emulsion in which oil is present as the dispersed phase and water as the dispersion medium (continuous phase) is called an oil-in-water emulsion
E.g.- Milk is an example of the oil-in-water type of emulsion.
Water in oil type- The emulsion in which water forms the dispersed phase, and the oil acts as the dispersion medium is called a water-in-oil emulsion.
E.g.- Butter is an example of the water-in-oil type of emulsion.