In Shared Hosting, a single server is shared between customers. Several user websites are hosted on a single server. Thus resources are also shared such as IP, CPU, memory disk space bandwidth, etc. Such type of hosting is cheap as the price is distributed among its customers. Due to shared resources, performance may be affected or not so high.
The good thing is that Shared Hosting is managed i.e you don’t need to install or configure anything in the server. Everything is managed by your hosting provider. A control panel is provided by your provider.