I think that I understand what you want to do. Here's how to apply the labels:
1) Create your chart and then a range of the labels that you want to use.
2) Click twice (pause between clicks, this is not a double click) on a bubble.
3) Right click that bubble and choose Format Data Point.
4) On the Data Labels tab, select one of the "Label Contains" items. Doesn't matter which one, just get a label in there.
5) Click twice on the label to select it and then click in the formula bar and type = and then select the cell that has the label that you want.
6) Rinse and repeat for each bubble.
Bingo, a label on a bubble in a bubble chart. You may have to move the label over the bubble. The label will move with the bubble if the underlying data changes. The label is also dynamic, so that it will change if you change the source cell.