I'm new to the "Adwords" feature of the Google search engine. I understand that for a fee measured in cost-per-click, I can have sponsored links appear in Google searches. I see that on the Adwords homepage, I can search for information about how often my key words are searched and a gauge that shows "competition" for my proposed key word.
My question is: how can I find out (estimate?) the actual cost that will be incurred to me when someone clicks on my ad (which is not yet running). I just want to know how much to expect to pay when people click on my "Adword".
My limited understanding is that Google's web app uses some sort of "bidding" process to determine which ads to show and how much to charge per click, but the details are confusing.