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LED is referring to the back light only. The screen, like all flat screen monitors or TV's is LCD(Liquid Crystal Display). The LED's are arranged behind the LCD panel to provide light. Older LCD monitors and TV's used Fluorescent light bulbs instead of LED's. The great thing about LED's is they are tiny so there are thousands of them behind the screen, and they can be completely and independently turned on or off providing deeper, truer blacks. The older florescent systems can't be turned off, so they rely on the LCD to be able to get dark enough to make black. That's why on older Flat Screen TV's and Monitors, in areas that were meant be black, it more of a grey. There are more detailed explanations, but that is the difference. LCD is the screen itself and the LED is just what lights the screen.
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