The next page in set up for your AdWords account is Manage Budget. There are two separate but related inputs on this page.
Your Daily Budget is the maximum amount of click through charges you allow Google to bill you for in a single 24 hour period. This period runs from midnight to midnight for your local time.
Your Default CPC Bid. CPC stands for cost per click. This is the maximum amount you are willing to pay for any single click through. Much more on this in a moment.
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