Wireframes efficiently outline the structures and layouts of any design or idea concept.
Early stage wireframes should focus on the most important parts and not on specific details
Early stage wireframes should give the team enough understanding to build the information architecture.
The teams' agreed design-development process dictates what kind of fidelity they need to build products.
Mockups represent the visual aspect or the look and feel of any design or idea concept.
The client's of "Web Development Teams" don't understand why the design is "gray" (wireframe). This is where mockups are used.
Most "Product Development Teams" skip the mockup stage and prefer's Hi-Fi wireframes to validate idea more faster.
Prototypes provide real simulation and actually feels like the actual product.
The prototypes are also interactive (just like Hi-Fi wireframes) and very visual (just like mockups).
Prototypes have no backend architecture. Therefore, it is faster to produce.
It is mostly used to validate ideas, gain investors buy-in before doing actual development.