Action Details
Requirements and how-to articles for Etsy's action:

paid action
Promoted Listings display a seller's items or shop prominently on Etsy's websites and mobile apps.

You need this to get it done:

Choose which listings to promote. By default, all your current listings are set to be promoted, but you can turn off promotion for listings which you do not want to be promoted.
Daily Budget
Set the maximum amount which you are willing to spend per day to promote your listings (must be at least $1.00 USD.)
Maximum CPC
If you are using automatic bidding, you can set a maximum CPC (cost per click.) If you have a maximum CPC set up, none of your automatic bids will exceed that amount.
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How-To Articles
A list of useful links for you:

Etsy Help Centre - How to Set Up a Promoted Listings Campaign
Official guide to setting up Promoted Listings on Etsy.
Etsy Help Centre - How Promoted Listings Work on Etsy
Official information about Promoted Listings.
Etsy - Advertising & Marketing Policy
Etsy's official policy for advertising and marketing, which is part of their terms of use.
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