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Paid Social refers to paid ads on social media platforms, based on the user demographic and interests.
Paid Social channels include Instagram, Facebook, LinkedIn, Pinterest, and Twitter.
This is as opposed to paid search, on search engines such as Google and Bing, based on user search queries (keywords).
For Paid Search, you are targeting people based on what they are searching for: these people likely already have an intent to purchase a product; they just need to pick yours.
Whereas for Paid Social, you are targeting people based on their profile, pushing ads regardless of they had an intent to purchase a product.
Paid Search and Paid Social works differently for different business models.
Often, Paid Search and Paid Social complements each other. Search allows you to reach customers when they are already having an intent to purchase, whereas the latter allows you to reach more customers who might need your product but doesn't know it yet.