This is actually a bit confusing, because the terms NTSC and PAL are technically television systems which define a lot of the technical aspects of signals and whatnot in TVs. The two have different color standards and FPS rates for instance.
In video game terms, it's actually used to define region. Generally things are region coded as either JAP, NTSC, or PAL. Japan, although using NTSC televisions, has it's own region coding since it's such a big release area, and NTSC refers to mostly North America, and PAL to most the rest of the world...
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