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Quick Definition

This acronym can stand for either Frames Per Second or First Person Shooter, depending on the context.

The easiest way to tell which meaning is intended is that the former is a measurement while the other is a genre. Thus, if someone says a game gets poor FPS on their computer, then the the number of frames per second they get is undesirably low.

On the other hand, if someone says they love FPS games, then they are saying they find First Person Shooters enjoyable.