The word "adjunction" has already been mentioned, so this is just to clarify the use of the term:
If I write $\mathrm{Map}(X,Y)$ for the set of all functions from $X$ to $Y$, then the map which sends $f\colon X\times Y \to Z$ to $[x\mapsto f_x]$ where $f_x(y)= f(x,y)$ has inverse $g\mapsto \tilde{g}$ where $\tilde{g}(x,y) = g(x)(y)$ and so gives a bijection
$$
\tag{$\dagger$}
\mathrm{Map}(X\times Y,Z) \leftrightarrow \mathrm{Map}(X,\mathrm{Map}(Y,Z))
$$
Now we can consider sets and functions between them to be a category Set, and since, for any two sets $\mathrm{Map}(X,Y)$ is again a set, just as $X\times Y$ is, if I fix a set $Y$ then both $\mathrm{Map}(Y,-)$ and $-\times Y$ the Cartesian product give "functors" from the category Set to itself.
The bijection $(\dagger)$ then reflects the fact that the functors $\big((-)\times Y,\mathrm{Map}(Y,-)\big)$ form an adjoint pair where one says that $\times -Y$ is left adjoint to $\mathrm{Map}(Y,-)$, and $\mathrm{Map}(Y,-)$ is right adjoint to $-\times Y$.
[I say "reflects the fact" rather than simply "is", because the adjunction takes into account that $\mathrm{Map}(Y,-)$ operates on both objects and morphisms, that is $\mathrm{Map}(Y,X)$ is a set for any set $X$ and if $f\colon X\to Z$, gives a function $\mathrm{Map}(Y,f)\colon \mathrm{Map}(Y,X) \to \mathrm{Map}(Y,Z)$ where $\mathrm{Map}(Y,f)(\alpha) = \alpha\circ f$ for all $\alpha \in \mathrm{Map}(Y,X)$.
Also, it may be worth pointing out that it is this basic adjunction in Set which underlies the ``tensor-Hom'' adjunction in (multi-)linear algebra.]