Q factor: Q factor or quality factor of a tuned circuit is defined as the ration of reactance to the resistance of the circuit. It is also defined as the total energy stored to the energy lost by the system.
Significance : Q factor determines the sharpness of the resonance curve, if Q is high, the resonance curve is sharper and the energy lost by the circuit is less.
Sharpness: Sharpness of a AC circuit is related to the Q factor. IF the sharpness is more we get a clear effect in the system and resistance is less. If Sharpness of a radio system is more, we get a clear sound.