A "go around" is a VFR maneuver and usually means "don't land, go around the traffic pattern again." It can be called for by either a pilot or ATC. An example of when it would be used would be if a student pilot is coming in too fast and high to make a safe landing, they might announce that they are "going around." Another example would be if there is still traffic on the runway when an aircraft is on short final, the tower might tell the landing traffic to "go around."
A "missed approach" is an IFR maneuver. It is a set of instructions to be followed in case an instrument approach cannot be completed safely for any reason. Instructions would be something like, "Climb straight ahead to 2000 feet, then climbing right turn direct to the ABC VOR and hold." The most common reason for a missed approach would be if the pilot has gone as low and far as possible on an instrument approach and still cannot see the runway. He would then announce that they were "missed approach" and begin following the MA procedure.
Other possible reasons would be if the pilot allows the needles to go "full scale" during the approach, meaning they are too far off course to know exactly where they are at. They would also perform a missed approach if a critical piece of equipment died during the approach (say, the ILS receiver going belly up while coming down the ILS). ATC could also tell a pilot to go missed approach, but I'm not sure why they would...maybe if something was blocking the runway and the pilot was still in the clouds or something. That would be very unusual though.
Can a missed approach be flown in VFR conditions? Sure, I guess. I don't know if it would be called a missed or a go around. Either way, it means you aren't landing!