sleep:
This command is issued to suspend execution of the system for the specified time limit mentioned in it as parameter.
For instance
sleep 50
The above suspend the execution of the shell in UNIX operating system for 50 seconds specified.
wait:
wait causes waiting of the process specified in parameter or the job specified in parameter to wait. If nothing is specified all jobs in pipeline are put to waiting state that is all current child process which are currently active are put to wait status. Wait also return the return status. If a child has already exited by the time of the call (a so-called "zombie" process), the function returns immediately. Any system resources used by the child are freed. The return status is generally the exit status of last job in the pipeline process which was put to waiting state. In case of scenario in which no job or process is specified the return status would be zero.
The general syntax of wait command in UNIX operating system is
wait n
where n is optional which denote the process or job