Why use jQuery on() instead of click()

Currently with jQuery when I need to do something when a Click occurs I will do it like this...

$(".close-box").click( function() {
    MoneyBox.closeBox();
    return false;
});

I was looking at some code someone else has on a project and they do it like this...

$(".close-box").live("click", function () {
    MoneyBox.closeBox();
    return false;
});

Notice it seems to do the same thing as far as I can tell except they are using the live() function which is now Deprecated and jQuery docs say to use on() instead but either way why use live/on() instead of my first example?