Lace knitting is a style of knitting characterized by stable "holes" in the fabric arranged with consideration of aesthetic value. Lace is sometimes considered the pinnacle of knitting, because of its complexity and because woven fabrics cannot have holes (easily). True knitted lace has pattern stitches on both the right and wrong sides; knitting with pattern stitches on only one side of the fabric, so that holes are separated by at least two threads, is technically not lace, but often called "lacy knitting".
I find that knitting from a chart is much easier than knitting from written instructions. And here is a lace knitting chart for all those who care about this shawl
An instructional knitting video:
Knit Two Together (k2tog)
Slip 1 Knit 1 Pass Slip Stitch Over (s1k1psso)