LASER is the abbreviation (or acronym) of "light amplification by stimulated emission of radiation," according to Curiosity.com. The foundation work for lasers was set in motion by Albert Einstein in 1917, according to Wikipedia.
Lasers are used in many applications from medical treatments to technology. The year 1974 saw its first use in people's daily lives in the form of barcode scanners, followed by CD technology in 1978 and 1982's invention of the laser printer.
More lasers can be found in laser pointers, marking targets, laser light shows, acne treatments, bloodless surgery and missile defense. In 2004, over $2 billion worth of lasers were sold.