It's funny you should ask that because after I posted that, I thought to myself.... "What IS the proper term?" LOL
A lot of people use the phrase PPC to describe AdSense because if you think about it that's what it is... literally. So I guess it's not technically wrong but generally people use PPC to describe AdWords and programs where you pay for your ads.
I've heard AdSense described as CPC (Cost Per Click) but in my opinion, that's confusing too because we the publishers aren't incurring the costs, the AdWords advertisers are.
Anyone else want to weigh in on this? I just Googled it and saw it used both ways. Now I'm curious. LOL
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