An acronym for the Joint Photographic Experts Group who invented the standard, this is a commonly used method of compressing digital photographic files (leaving them with the suffix '.jpg'). The degree to which a file is compressed is scalable, allowing a trade-off between the file's size and its quality.
What design words or terms have we missed? Tweet them to us @supercooldesign, including the hashtag #knowdesign, and we'll add 'em.