HiFi vs MidFi


I’m a relative noob to the audiophile scene, having just invested in an integrated amp and upscale (for me) speakers.  From time to time, I hear the term “MidFi” for some components.  Is there an objective or just largely accepted definition for this term?  I’d be curious to hear feedback on what constitutes HiFi vs. MidFi across various components.  
bigtex22
Thanks atmasphere , your post says it all....

Creative designer know what is High-Fi for sure....

The intention speak through the product and with it.....

Price scale are for marketing need only....

The intention for example  behind my old Sansui Au 7700 was toward high-End sound at affordable price in 1978 (around 400 Us dollars at the times) I dont think it sound "mid-fi".... But i am not a fool and  some new product will beat it on many counts nowadays...But no mid-fi product will beat it easily....I apologize for my example but i know what this  amplifier  can do and what it cannot....

My best to you....



atmasphere-
An example of an inexpensive high end audio product was Radio Shack's Pro LX5 loudspeaker, which IIRC sold for about $250.00/pair. Tandy bought out Linaeum just so they could use that tweeter 
Cool. The sexiest most deep liquid 3D sound stage speaker I ever heard was my Linaeum Model 10 with the Linaeum tweeter. I still have the tweeters by the way (long story). Also I heard those Radio Shack speakers, awfully good for the money! But I did not know the part about Tandy buying them out and always wondered what happened with Linaeum. I was in the guy's basement design studio, in his home, for chrissakes! Now at least I know he made out well. Thanks, Ralph!
“I’d be curious to hear feedback on what constitutes HiFi vs. MidFi across various components.”

Perception?
“I’d be curious to hear feedback on what constitutes HiFi vs. MidFi across various components.”

Perception?
No- intention, more than anything else.
Plotting a graph - a line of delineation between Mid and Hi Fidelity would be about as flat as a refined in room power response ...