In AWS, for Route 53, when you create a record (e.g. an A record), you can choose between the following 7 routing policies (which determines how Route53 responds to user's DNS queries): Simple, Weighted, Latency, Geolocation, [...] , Mutlivalue Answer, and Geoproximity.

Failover

^^ Simple is mostly for a record that just has a single value (i.e. IP, AWS resource DNS) that you always map to
^^^ Wighted routs traffic to multiple resources/IPs (defined in multiple record sets of same Name/Type) proportionally based on a given number weight you assign each (e.g. 20, 30, 50)
^^^^ Latency routs traffic to multiple resources/IPs (defined in multiple record sets of same Name/Type) based on the region (auto-detected in Route53 Record set GUI) that has least latency to the end user.
^^^^^ Geolocation routs traffic to multiple resources/IPs (defined in multiple record sets of same Name/Type) based on the continent or country of the end user (no matter what the latency).
^^^^^^ Failover routs traffic to multiple resources/IPs (defined in multiple record sets of same Name/Type) based on which record set is designated as Primary vs which is designated as the Secondary (The traffic always goes to the Primary, so long as health check passes, if health check fails, it failsover to secondary).
^^^^^^^ Mutlivalue Answer is similar to Simple, but you can have multiple record sets, each with a health check and the traffic goes to the value of any one of the records (chosen at random) that has a passed health check
^^^^^^^^ Geoproximity uses the proximity of the user and the resource is some wild ass combination that is defined in complex "Traffic Flows"