Hey there,
There is really only one difference in terms between the two in terms of recordings (described below). For both, you should receive access to both lecture recordings and the livestream.
LC = lecture capture. If you select this activity, you
will be able to clash this timeslot with another class (if you so wish). Any preferences for other classes which have the same time as this lecture will be considered (for a clash) by the system when setting up your timetable. This is a good option for students who plan on watching the lecture recording later, and want to attend a different class during this time.
Warning: Some lectures have in-class quizzes, or you may have a mid-semester test during one of your lecture slots.
LSP = live stream (something beginning with P?). If you select this activity, you
will not be able to clash this timeslot with another class. Any preferences for other classes which have the same time as this lecture will be ignored by the system when setting up your timetable.
Hope that helps!