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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I first mid-fi as a term from a friend of mine - his definition was a category of music used as background music.

And then he turned on his TV, searched YouTube and put on a mid-fi video was a fireplace with 'smooth jazz' playing.

I liked his definition because background music is important!
Before the inevitable debate over how high 'high' is, may I submit that everyone--all of us here, certainly--listen to "Mid-fi" systems due to the fact that there is no metric for measuring this particular form of highness as though it was a measure of a physical presence. If anyone ever attains the state of true High-fi--I suppose we'll all hear about it. Maybe before their ascension.
I would consider it the best equipment you can score at BestBuy.  All other conditions mentioned considered like room treatment ect…
To MC:

It depends on what the definition of “is”, is….

Count yourself in clouded in “we” and “us”, and “their”! Unless you identify as a “non-human.”