Knowsnothing,
You will find excellent descriptions at:
http://www.theopedia.com/Biblical_criticism
"biblical criticism simply refers to the scholarly approach of studying, evaluating and critically assessing the Bible as literature in order to understand it better."
"Literary Criticism is primarily concerned with the Bible's literary forms, structures and themes. How does it function to accomplish its purpose? This involves identifying the type and use of the various literary genre such as narrative, poetic, apocalyptic, oratorical, wisdom, epistolary, etc. It includes evaluating the language of a text, looking at the words and their various meanings or shades of meaning and the patterns of meaning ranging from phrases to sentences, paragraphs, chapters, and sections. To analyze these, it is often necessary to examine the grammar of the original language, which includes the arrangement of words and how their forms are changed (inflection or accidence)."
Doug