Screen Time isn't real time. Screen time is often referred to as being the period of time played on the screen for example, 17 years of someones life put together and played in the usual time limit of 2 hours. 2 hours would be the screen time. The use of screen time generally keeps the audience attention in the film without using up too much time.
Compressed time
The compression of time shortens the overall length of time that occurs between either scenes or chapters. Compressed time can often be referred to as Hollywood montage or time lapse. Here is an example of a time lapse film. Similar to screen time, it allows the film-makers to reduce the amount of material that is not needed to tell the story.
A Long Take
A long take is often a single shot without any cuts or edits which lasts relatively long period of time. An example of this is from 'Children Of Men'. A long take allows the audience to feel as though they are not missing out on action if a cut was used as well as drawing in the audiences attention by showing everything that would have originally been used.
Slow Motion
Slow motion is the action that takes place at a slower rate then at which it was recorded. A famous example of this includes The Matrix 'Bullet Time'. The use of slow motion adds drama and suspense to the film which draws in the audiences attention in quicker.
All examples taken from www.youtube.com