Geometrically, an open universe has a negative Gaussian curvature, K = -1. One way to visualize this geometry is as the 2D surface of a saddle in 3D space. A closed universe has positive Gaussian curvature, K = +1. A closed universe is readily visualized as a sphere. It is not currently known what the global geometry of the universe is; however, the observable universe is very close to flat, K = 0.
Einstein's General Relativity shows us that the geometry of space is determined by its energy/matter content, and so each of the above geometries also has a characteristic energy density: closed universes are overdense, open are underdense, and flat are at critical density -- they're "just right".