"Peak type" EQ - which can be in the form of a graphic or parametric EQ - is based upon a center frequency which is boosted or cut with frequencies immediately above and below it being sinilarly affected less and less the further you get away from that center frequency. The "curve" is in the shape of a hill or valley with symmetrical slopes on each side of the center frequency.
"Shelving", is where you pick a frequency above or below which all the frequencies are boosted or cut. When a cut is made, this is similar to what is often called a high-pass or low-pass filter. For example if you apply a low shelf boost starting at, say, 200Hz, this means that the EQ boosting will start just below 200Hz, with the boost ramping higher as the frequencies decrease towards the low end of the audio spectrum. A "hogh pass filter" set for 200Hz would do the exact same thing except the EQ ramp would slant down as an EQ cut instead of a boost. The same thing for a high frequency shelf/low-pass filter, except they apply to the upper end of the spectrum with the boost or cut increasing and the frequency increases.
HTH,
G.