A category satisfying (any of) the following equivalent conditions is said to be locally finitely presentable (or lfp):
has all small colimits, the category is essentially small, and any object in is a filtered colimit of the canonical diagram of finitely presentable objects mapping into it.
is the category of models for an essentially algebraic theory. Here an ‘essentially algebraic theory’ is a small category with finite limits, and its category of ‘models’ is the category of finite-limit-preserving functors .
is the category of models for a finite limit sketch.
has finite colimits, and the restricted Yoneda embedding identifies with the category of finite-limit-preserving functors .