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.  
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Spencer - right on, still have the NAD 3020A cranking away into Dynaco A-25 in the garage…..

Midfi but oh so musical….. A pirate Dylan cassette in the Nakamichi sets everything in motion…..
What does "Knuckle Dragging Liberal" have to do with this thread? Is this a political rant or a discussion on what budget comprises different levels of audio quality? I have a Mid Fi budget and make the most of it. If I had the disposable income for better equipment, I would buy it. What's wrong with the two of you Reactionary Elitists? Can't wait for the reaction to that labeling.
My sister, maybe number two, possibly number three all time bigly best mid-fi dealer in all of Kazakhstan….


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Yes his girl come looking for soda water and ice later. She know where it at.