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PPC - PPC is a short form of Pay Per Click. PPC is a form of advertisement over the web, where the advertisers pay the ad publisher based on the number of times an advertisement is clicked. Google adwords is one of such pay per click advertisements.
SEO - SEO is the short form of search engine optimization. Optimization of a website based on the guidelines to help search engines better understand the website content and present it to the relevant users is SEO.