We need three things in order to utilize the host (physical machine) resources such as CPU, HDD, and Network cards so that the guest operating system can run on the host and this combination is also known as platform virtualization, which will let us create the emulated environment:
Hypervisor: This is software which will be installed on the bare metal and will then enable the physical host to run multiple virtual machines on it with their own dedicated virtual hardware
Guest operating system: This is software which will be installed on the virtual hardware
Virtual machines: This is a separate computer which will be represented to users with their own network identity, operating system, configured applications, and data