Engineering Thermodynamics
The thermodynamic difference between a Rankine cycle working with saturated steam and the Carnot cycle is that

Heat is supplied to water at temperature below the maximum temperature of the cycle
Carnot cycle can't work with saturated steam
A Rankine cycle receives heat at two places
Rankine cycle is hypothetical

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Engineering Thermodynamics
An isolated system is one in which

Neither mass nor energy crosses the boundaries of the system
Mass crosses the boundary but not the energy
Mass does not cross boundaries of the system, though energy may do so
Both energy and mass cross the boundaries of the system

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