With printer sharing, you can have a local printer set up on your computer. Then you can allow remote computers to access this local printer so that they too can print on that printer.
To set up printer sharing: Open Devices and Printers in the Control Panel > Right click on the printer > Printer properties > Sharing tab> Share this printer
Other computer can then open up Windows Explorer and select add a printer. This will bring up a window that allows you to specify that you want to add a network printer. This will search for printers on your network and then you can specify which printer you want to connect to.