Typefaces are designs like Baskerville, Gill Sans or Papyrus. Type designers create typefaces. Today they use software programs like Fontographer or Font Lab to create the individual letters. A few still draw the letters by hand and then scan them into a type design application. Fonts are the things that enable the printing of typefaces. Type foundries produce fonts. Sometimes designers and foundries are one and the same, but creating a typeface and producing a font are two separate functions.
Haley, Allan. AIGA (2002). Design>Typography