Shared Web Hosting
Shared hosting is just as it sounds, well sort of. You're not actually sharing an account with someone else per-say. Shared hosting is when your account is hosted on the same server as several other accounts. What this means is you're sharing the server's resources with all of the other web sites hosted on that server. All sites are sharing the same RAM, CPUs, hard-drive space and bandwidth. This is how web hosting companies are able to offer cheap hosting rates to their customers. Think of it like your home Internet connection. You probably pay $20 - $50 for your high-speed Internet connection. They may even offer you 20 Mbps or as high as 100+ Mbps. They can offer you these speeds for such a great rate because you're sharing the connection with other customers. The idea is that not everyone will need the resources at the same time. Some web sites will be more established and use more resources while others will never get much traffic therefore never using much if any resources.