Well, on a basic level, shared hosting means that your website will share the same server as a bunch of other people’s websites. This is a more economical way of doing business since you will be sharing the cost. Another bonus is that you do not have to have a lot of technical knowledge for things to run smoothly. That is usually handled by the hosting provider. This is generally recommended if you have a limited budget and do not consider yourself tech-savvy.
With that knowledge, you can probably figure out that dedicated hosting means that your website will be the only website on your server! It gives you control over your security, optimization, and any other unique requirements you may have. It also is the better choice if you plan on having a lot of web traffic. You will not be competing with other sites when it comes to loading your page. Dedicated hosting costs more, but that makes sense. You are paying for your own place on the internet and can set things up as you see fit. Recommended for someone who knows their way around servers and network architecture because you will need to decide on your own security and optimization, just to name a few.