CPC is cost per click
CPM is cost per mille
To get a better understanding, you can see at https://www.monetizemore.com/blog/adopsqa-understanding-cpc-and-cpm-pricing-for-publishers/
I hope it helps!
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Stands for "Cost Per Click," and is used in online advertising. CPC defines how much revenue a publisher receives each time a user clicks an advertisement link on his website. For example, a publisher may place text or image-based ads on his website. When a visitor clicks one of the advertisements, he or she is directed to the advertiser's website. Each click is recorded by the advertiser's tracking system and the publisher is paid a certain amount based on the CPC." https://techterms.com/definition/cpc
4 important things to note about CPC
Your Keyword Bids:
CPC (cost-per-click): If you use cost-per-click pricing, you only pay when someone clicks on your Facebook Ad.
CPM (cost-per-mille): With cost-per-impression you pay when Facebook shows your ad 1000 times. (Impressions are the number of times your ad is shown to a user on Facebook).
Frequency:is the average number of times a user sees your ad