Shared hosting is web hosting in which the provider houses multiple sites on a single server. For example, Site A shares the same server with Site B, Site C, Site D, and Site E. The upside is that the multiple sites share the server cost, so shared web hosting is generally very inexpensive. In fact, you can find an option for less than $10 per month.
A web service is something that a website chooses to offer to those who wish to read, update and/or delete data from your website. You might call it a "backdoor" to your data. Instead of presenting the data as part of a webpage it is provided in a pre-determined way where some of the more popular are XML and JSON. There are several ways to communicate with a webservice, some use SOAP, others have REST'ful web services, etc.
Many web hosting services offer a low "starting price," but require you to prepay for two or three years of service to get that price. After the promotional period, the renewal price for some web hosting services can be two, three, or even four times the initial promotional pricing. While the initial deal might be incredible, the cost of transferring your site (or paying the added fee) in a couple of years may be something to consider.
"All the standard Web Services works using following components:" ... the problem with this answer is that it suggests that web services do or must operate within the SOAP/WSDL mechanism. This is inaccurate. Representational State Transfer (REST) is another very popular paradigm for implementing web services. Some major websites have deprecated their SOAP services in favor of REST web services. – scottb Jul 7 '15 at 15:50
Many web hosts offer limited features in their starter packages and then expand the offerings (sometimes tremendously) for higher-tier plans. Read the small print to make sure the plan you are selecting offers what you need. If you need a site builder application to design your website, make sure that the low-cost web host you are picking actually comes with a site builder. Many of them require you to pay for the builder as a separate add-on. Website builders usually don't cost a lot of money, but if you can find a web host that includes one for free, that's money in your pocket. And, if it's integrated with your hosting service, you're more likely to have a smooth, supported experience.
W3C Web Services may use SOAP over HTTP protocol, allowing less costly (more efficient) interactions over the Internet than via proprietary solutions like EDI/B2B. Besides SOAP over HTTP, Web services can also be implemented on other reliable transport mechanisms like FTP. In a 2002 document, the Web Services Architecture Working Group defined a Web services architecture, requiring a standardized implementation of a "Web service."