A private show is where the model is in the room only talking to one user, this user pays for the private show at the same time users can spy on the show for a price watch the show but cannot talk to the model.
Most users do not like it when a model goes to a private show so it is recommended for models to go into private shows when the model has started their broadcast for the day or schedule private shows.
To setup the options for private shows go to My profile > Settings & Privacy in here you will see the Private show settings.
To start a private show a user has to click on Start a Private Show under the video stream window the model is notified by a sound that a user wants to start a private show the model can accept or decline.
A password show is when one or more users agree on a price for a private show, the model sets a password on their room shares the password with that user or users and they will be the only people in the room with the model.
To set a password on your room go to My profile > Settings & Privacy in here you will see the Broadcaster Settings.