Label : Object Label to be used in tabs, page layouts, and reports. Also determines the Object Name used for internal reference. For example, if the Label is “Account”, the Object Name will be “Account__c”. (example: "Account")
Record Name : The Record Name appears in page layouts, key lists, related lists, lookups, and search results. For example, the Record Name for Account is "Account Name" and for Case it is "Case Number". (example: "Account Name")