List-style is simply the shorthand version for styling your list. List style type specifically refers to the indicator to the left such as the ever popular none, or disc, decimal, etc.
So, you could say list-style: is to margin: as list-style-type: is to margin-right:
The options for list-style: are position, image and type.
So, you could say list-style: is to margin: as list-style-type: is to margin-right:
The options for list-style: are position, image and type.