A typical flower consists of four whorls, namely Calyx, corolla, Androecium and Gynoecium, wherein calyx is the outermost whorl while gynoecium is the inner most whorl. Hypogyny and epigyny are arrangement of the other three floral whorls in relation to the gynoecium
Hypogynous flower: Hypo-below, gynous-gynoecium, that is, gynoecium is placed above the other three floral whorls or that they arise from below the gynoecium. Hence the ovary of the flower is also referred to as superior ovary.
Example: Members of family Anacardiaceae, Malvaceae etc
Epigynous flower: Epi-above, gynous-gynoecium, that is gynoecium is placed below the other three whorls or the other whorls arise superior to or above the ovary. Hence, the ovary of this type of flower is referred to as inferior ovary.
Example: members of family Cucurbitaceae, Liliaceae, Asteraceae etc