A runtime environment is basically everything you need to actually execute a piece of code. Technically it includes the OS and hardware you are using, but when talking about runtimes the OS and hardware are usually just considered as a given.
So in the contex of say Java JRE or .NET CLR it’s the virtual machine software that loads up and executes your code. The rest of the runtime environment, OS and hardware, are usually considered as not really significant as the JRE and CLR and similar abstract away a lot of the specifics for the OS and the OS abstracts most of the specifics for the hardware.
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