If I say john is a jerk, that's a label. If I say all jerks are lazy, that's a stereotype.
Label - name.
Stereotype - description.
OMFG, VicZinc is still alive. I thought he would've had... Well... Yeah, I guess self-combustion is out of the question by now.
Similar terms, sometimes mean the same thing, like short and small, but don't always mean exactly the same thing. A stereotype for instance is more than a label, it is a social construction, it is a person who fulfills societie's labels put upon them, the label is the word that describes that stereotype.
A label is to an individual and a stereotype is to a group.
I think a label is more geared toward ONE person in particular. "she's a liar" "She's greedy" or things like that. Stereotypes are of entire groups. "American's are fat and stupid" "Women can't drive" etc. Labels can also be either ascribed or earned. I'm "female" , I'm "American", I'm "white". Earned is the fact I am a college graduate, published author, and painter. That's the difference I suppose.