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Any service generally designed to allow users to search the web or a specialized database of information. Web search engines generally have paid listings and organic listings. Organic listings typically come from crawling the web, though often human-powered directory listings are also optionally offered. Source: Webmaster World Forums

Keyword

The words (or word) a searcher enters into a search engine's search box

Impression

The delivery of a link or ad

Clickthrough Rate

The percentage of those clicking on a link or ad out of the total number who see the link or ad. For example, imagine 10 people do a web search.The link or ad has 10 impressions. 3 of the 10 people all choose to click on your particular link or ad. That link or ad then has a 30 percent clickthrough rate. Also called CTR. Source: Webmaster World Forums

Conversion Rate

The relationship between visitors to a web site and actions consider to be a "conversion," such as a sale or request to receive more information. Often expressed as a percentage. If a web site has 50 visitors and 10 of them convert, then the site has a 20 percent conversion rate. Source: Webmaster World Forums

Cost Per Click (CPC)

The cost an advertiser agrees to pay a search engine each time someone clicks on a link leading to their web site. Also known as CPC.