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SEO refers to Search Engine Optimization. Various attributes on a website, including its markup, play a vital role having your website ranked on search engines and being displayed in their SERP.
SERP basically refers to Search Engine Result Page. It's the page where results are displayed based on your keyword(s) that you searched for.
All elements on a website play a role in ranking; most importantly schema markup. Schema Markup basically tells search engines what the page is about (i.e. a product, an event, a F.A.Q, etc.). This helps search engines significantly; allowing them to understand quickly what the page is all about and how to rank it accordingly in its results.