As some e mailers have pointed out:
"...although you may be Mr. Acronym we are not- how about defining those for us...?"
Ok, I do tend to get ahead of myself so I'll try to define a few (and come back over time to update this)
SEM: Refers to the paid or sponsored listing you find on Consumer Traffic Sites (Yahoo, Google, MSN, Ask, etc) These listings are paid for and ranked according to bid and relevancy
SEO: Refers to organic or grown listings that are not paid for (unless you count link/traffic purchases!) and are typically ranked higher depending upon traffic (consumers visiting website) link strength (high traffic sites exchanging posted links) and quality score
Quality Score: (I'll try my best but really Go here for in depth http://adwords.google.com/support/bin/answer.py?hl=en&answer=10215)
Basically Search Engines (Google) want consumers (you) to find the closet matching website/offer to your search query as possible, through statistical analysis such as click through rates, local search matches/clicks, and a host of other stats they determine what is best for you to see when you search
Google: The search engine handles 78% of all consumers surfing (not including Asian markets), in terms of search engines they are #1 and no one is even close (sadly, I hate monopolies it ruins invention)
Typos: somthing I do quite often, pleas forgive me... : )
BTW: I am not Mr. Acronym I just hate typing : )