Labels work as badges in the Listdom, for example a listing which has VIP or Hot Offer badges. Each label has a color and text with shows that label in the listings. Generally these labels attract more attentions of visitors to the listings that they have those.

Name: name of label, for example Exclusive.
Slug: this field automatically fill according to label name and it will be use for accessing the listings of labels. Also it is possible that you change the slug manually as you wish.
Description: this field is for explanations of the label. Please pay attention that your theme should have the ability to show this description if it does not support this text does not show.
Color: label name will show with this color.

Add listing view:

Front-end view: