VMWare Network Modes

VMware has three kinds of network configurations:

• Host-Only Networking: Principally, the virtual guest can only talk with host and has no access to outside. But, with help of proxy server, it is possible.
  
• Network Address Translation (NAT) The guest can connect to a TCP/IP network using a Token Ring adapter on the host computer. The virtual machine does not have its own IP address on the external network. Instead, a separate private network is set up on the host computer.
• Bridged Networking: Bridged mode lets the virtual machine share the host's Ethernet connection, while appearing as a separate machine with its own MAC and TCP/IP address.
  

References:

1. VMware Networks, Bridged vs. Nat vs. Host
2. Network address translation