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It's a color encoding system. Or a standard broadcasting video language.PAL means Phase Alternating Line. Developed in the European Countriesand NTSC is National Television System Comittee. This one is developed from US.there's not much of a difference between the two. But if you're broadcasting, you need to deal with these types of video systems. In Philippines, we use NTSC for broadcasting. US, Korea, Japan and other countries (that has not much influenced by the europeans) uses NTSC. PAL is used more in the European countries, in the middle east, most of the part of africa, UK etc., they use PAL.
