Cost per click advertising (CPC) are ads that can be displayed on your website that you will be paid for every time someone clicks them. These are often served through an ad network like Google AdSense, Chitika, Bidvertiser, Clicksor and Yahoo! Advertising.
Advantages: If your blog brings in high traffic levels then displaying PPC adverts can be a quick and easy way to make steady revenue. If your blog is good at keeping your users on the pages then PPC ads can work well for driving high conversions, especially with in-post ads.
The big advantage of using a PPC network is that it takes just minutes to set up and you don't really need any coding knowledge to implement it within your blog.
On top of this, PPC ads can easily be displayed within your blog posts to give extra impressions and revenue potentials - a quick way to do this is to create a WordPress shortcode to display your ad code (which saves you a lot of time otherwise spent copying & pasting).
Disadvantages: Unless you're bringing in large volumes to your blog (over 50,000 visits a month), PPC ads aren't going to give you the kind of revenue figures that you could get from other monetization sources. Yes, PPC ads are quick and easy to set up, but if you're not making any money from them then what's the point?
Another thing to consider is that the ads aren't always the most aesthetically pleasing, and you don't get to choose the exact ads that will be displayed - this can compromise your design, cheapen the site's look and even have adverse effects on page load times (because you're loading them from an external server instead of your own).