sociologically.... FIFO is an acronym for First In, First Out. This expression describes the principle of a queue or first-come, first-served behaviour: what comes in first is handled first, what comes in next waits until the first is finished, etc.. Thus it is analogous to the behaviour of persons "standing in a line" (preferred in American English) or "queueing" (preferred in British English), where the persons leave the queue in the order they arrive.
A priority queue is a variation on the queue which does not qualify for the name FIFO, because it is not accurately descriptive of that data structure's behaviour. Queuing theory encompasses the more general concept of queue, as well as interactions between strict-FIFO queues.