Shared Hosting is a type of hosting where you share a servers resources amongst others customers.
The main benefit of shared hosting for the Provider is that it’s affordable, as multiple people can be hosted on the same server for 1 set price. For the consumer, this means their hosting bill is also considerably more affordable as the savings are passed onto you.
The main disadvantage of shared hosting is that you can only use a set amount of recourses such as CPU Core’s & RAM and you may be subject to suspension if you are close to these limits on a consistent basis. However, this issue rarely effects the average site, and is more often experienced by high traffic sites, which generally suite dedicated hosting in their nature due to the larger amount of control (which of course comes with a load of responsibility and additional expense).