SERP (Search Engine Result Page) refers to the page that display the result of the search query. More related, more useful and more trustworthy indexed web pages will appear higher in the SERP, thus  the term SERP Ranking.

Components

• Sponsored Listing - listing of Pay-per-click ads. Usually lies in the top and right hand side of the SERP (the area highlighted as yellow).
• Search Result area - largest section in the SERP, display the search result according to the search term user entered (highlighted in blue).
• Assistive information area - areas that do not get as much attention, e.g. top, footer, or small / narrow areas in between Sponsored Listings and Search Result area of the SERP. It is very common to include Search Term suggestion or Related sites in other categories, etc, to assist users to further refine their search query to improve the relevance of the search results.