What is Peer Review?
While the terms "Academic" and "Scholarly" can often be interchanged, they do vary:
Academic Journals: Are defined as academic journals that publish articles which carry footnotes and bibliographies, and whose intended audience is comprised of some kind of research community.
It is a broad classification that includes both "peer-reviewed" journals as well as journals that are not "peer-reviewed" but intended for an academic audience.
Scholarly (Peer Reviewed) Journals: Scholarly (Peer Reviewed) Journals are journals that are intended for an academic audience and have undergone the peer-review process.