Sharp means a position in which the primary considerations are tactical. That is, a position in which detailed and accurate calculation is essential.
A balanced position is one in which both sides are about equal. I also usually think of balanced positions being positions in which neither side has particularly obvious weaknesses or strengths and/or the weaknesses and strengths of one side are the same as the other side.
A closed position is one in which the pieces (i.e., queens, rooks, bishops, and knights) have relatively limited scope of movement; usually because many pawns are on the board.
A open position is the opposite of a closed position.
These terms, and others, describe the nature of the position, and none are better or worse than the rest.
What do the different "game shapes" actually mean? Sharp, balanced, intense, etc. Are there rankings of these?