As per Wikipedia: runtime library/run-time system.
In computer programming, a runtime library is a special program library used by a compiler, to implement functions built into a programming language, during the runtime (execution) of a computer program. This often includes functions for input and output, or for memory management.
A run-time system (also called runtime system or just runtime) is software designed to support the execution of computer programs written in some computer language. The run-time system contains implementations of basic low-level commands and may also implement higher-level commands and may support type checking, debugging, and even code generation and optimization. Some services of the run-time system are accessible to the programmer through an application programming interface, but other services (such as task scheduling and resource management) may be inaccessible.
Re: your edit, "runtime" and "runtime library" are two different names for the same thing.
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