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What’s the difference of `./configure` option `–build`, `–host` and `–target`?

This is related to What's the difference of `./configure` option `–build`, `–host` and `–target`?. I haven’t understood the difference between host and target. So am asking this with an example.
I am trying to build some code on my PC. I am guessing it will be i686-pc-linux. I want to run the code on a mipsel based platform. I have the toolchain for that platform (mipsel-linux-gcc etc)
What should I be giving as values to host, build and target.

Please don’t close as duplicate unless it is of a question which explains this with an example 🙂
I have already read the GCC documentation and am still puzzled to be honest

Answer 1

And I found an answer after posting this question.. Still posting it here incase it helps someone else in the future.
http://jingfenghanmax.blogspot.in/2010/09/configure-with-host-target-and-build.html
As per this blog in my case
build will be i686-pc-linux-gnu ( My PC)
host will be mipsel-linux ( The platform I am going to run my code on)
target will be used if I am building a cross-compiling toolchain.
Since I am not building a toolchain, I didnt have to specify target.