To change label names in Finder, go to the Finder menu, select Preferences, and click on the Labels tab. Here you can rename the labels from their color name to a label of your choice.
Related: Finder Label Colors, How To Bring Every New Finder Window To Appear Without the List Of File Names Eclipsed?, Can I Label a File While Using the Quick Look?, How Do I Change a File Name In Finder?, How to change names on desks spaces in Lion.
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