paracosm vs fairyland

paracosm and fairyland both are nouns.

Word	Noun	Adjective	Verb	Adverb
paracosm	Yes	No	No	No
fairyland	Yes	No	No	No

As nouns, fairyland is a hypernym of paracosm; that is, fairyland is a word with a broader meaning than paracosm:

paracosm: a prolonged fantasy world invented by children; can have a definite geography and language and history
fairyland: something existing solely in the imagination (but often mistaken for reality)

Other hypernyms of paracosm include fantasy world, phantasy world.

paracosm (noun)	fairyland (noun)
a prolonged fantasy world invented by children; can have a definite geography and language and history	something existing solely in the imagination (but often mistaken for reality)
	the enchanted realm of fairies