Shared hosting allows multiple websites to utilize a single server. Usually, you’ll have no idea who or what websites you’re sharing the resources of a server with. Each customer will usually have a limit on the total amount of server resources they can use, but this will be defined by your hosting package.
Shared hosting is easily the cheapest and most economical option for your needs. However, the cheap price comes with limitations. Since most hosting companies will offer the same amount of space and storage it’s important to choose a company you can trust.