Ba'al was also used as the stand-in name for a number of different deities in the polytheistic early Hebraic faith.
Molech (ืืื) was a ritual of child sacrifice. The root of the word is from "to promise" or "to sacrifice", and most likely is a nominalized causative so it probably refers to the action and item being presented. The usage in the biblical text also is most consistent with this theory, so it seems Molech was both the term for the child sacrificed and for the action of sacrificing the child.