What is the difference between a Private and Shared Notebook?

[Sharon R 0]

Evernote 7.7.  I have a personal (non-business) account.

When I go to add a new Notebook, I am given the option for either Private or Shared.  What is the difference?  Is a Private notebook synched?  

Also, I don't see the option to create a "Local" notebook, anymore. 

Can someone get me up to date on this and clarify?    Thanks so much.

Sharon