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A "build" is usually a set of binary files that you get from a source snapshot at a given version or date and with a given set of options, compiler flags, architecture, etc.
"build system" is a mechanism you use to control how files are compiled and linked to each other, how do they relate in a hierarchical system, what files do need to be recompiled when a given source file has been changes to re-create a new build, and a few other things. Well known build systems are the so-called "autotools" (also "GNU build system") and CMake. There are many more, and some people just roll their own using a shell script or something similar.
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