CPM means Cost Per Thousand impressions in this case. As a marketer, you will likely have a goal for the number of impressions you want to receive for your ad budget which may also be determined by an expected clickthrough rate for your display ads.
In fact, CPM and CPC are very much related. If you decide to pay a CPM of $1 for 1000 impressions and project a clickthrough rate of 1% (which equals 10 clicks), you are paying a 10 cent CPC. Make sense? The final type of advertising acronym we will discuss is commonly used by affiliate marketers and direct response marketers. It's called CPA advertising. CPA stands for Cost Per Action or Acquisition and may also be known as CPL or Cost Per Lead.