>>20Velveeta is a blend of Swiss cheese, Monterey Jack cheese, mild cheddar cheese, and cream cheese, created originally for use in the food service industry. Its purpose is to melt easily and evenly for use in dishes requiring cheese sauce, such as macaroni & cheese, or nachos. Actually putting a slice of Velveeta on a sandwich was never what the designers intended, though.
It is real cheese, though you are right when you say it's also a food product made from cheese.