label vs favourite

label and favourite both are nouns.

Word	Noun	Adjective	Verb	Adverb
label	Yes	No	Yes	No
favourite	Yes	Yes	Yes	No

As verbs, favourite is a hyponym of label; that is, favourite is a word with a more specific, narrower meaning than label:

Other hyponyms of label include brand, brandmark, trademark, point, point, point, calibrate, code, badge, favorite.

label (noun)	favourite (noun)
an identifying or descriptive marker that is attached to an object	something regarded with special favor or liking
a brief description given for purposes of identification	a special loved one
trade name of a company that produces musical recordings	a competitor thought likely to win
a radioactive isotope that is used in a compound in order to trace the mechanism of a chemical reaction

label (adjective)	favourite (adjective)
	preferred above all others and treated with partiality
	appealing to the general public

label (verb)	favourite (verb)
distinguish (an element or atom) by using a radioactive isotope or an isotope of unusual mass for tracing through chemical reactions	To mark an item as a personal favorite on social media
distinguish (as a compound or molecule) by introducing a labeled atom
assign a label to; designate with a label
pronounce judgment on
attach a tag or label to