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Stand-by leaves the computer on while not using as much power as it would be using if it were on like normal. I think you do lose internet connections though. You could also hibernate it, if you have the setting selected in the system menu. Hibernation will turn it off, but once you move the mouse, it will come back to life.
Logging off just logs you off of your name and brings you to the start-up screen where you or someone else can log in.
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FESTIVUS FOR THE REST OF US!
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