The lore of a game, the ethnicity of its population, cultures, economic state or anything which illustrates the population of a game.
Are all these things part of the lore? Or are they called the story of the game?
"Lore" is a very broad phase. For example, let's take the Elder Scrolls games. They have a lore which describes almost everything. The gods, the history, the people and races, the population and the regions are also part of it.
If something is used to describe the way and reason how the world functions, then it's part of the lore.