A functor is left exact or flat if it preserves finite limits, and right exact if it preserves finite colimits.
A functor is right exact if for all objects the comma category is filtered.
A functor is left exact if for all objects the opposite comma category is filtered.
A functor is exact if it is both left and right exact.
A left exact functor preserves every finite limit that exists in .
If admits all finite limits then a functor is left exact if and only if it preserves these limits.
A functor between categories with finite limits preserves finite limits if and only if:
it preserves terminal objects, binary products, and equalizers; or
it preserves terminal objects and binary pullbacks.
Since these conditions frequently come up individually, it may be worthwhile listing them separately:
preserves terminal objects if is terminal in whenever is terminal in ;
preserves binary products if the pair of maps
exhibits as a product of and , where and are the product projections in ;
preserves equalizers if the map
is the equalizer of , whenever is the equalizer of in .
A functor between abelian categories is left exact if and only if it preserves direct sums and kernels.
A functor between abelian categories is right exact if and only if it preserves direct sums and cokernels.
Frequently the term “left exact” is restricted to the case that has all finite limits. If so, then the general case is called a flat functor.
Conceivably, it might be used also in the more general case, but to refer to a weaker notion: a functor that preserves those finite limits that exist. Certainly that's how I would interpret ‘finitely continuous functor’. —Toby
‘Left exact’ is sometimes abbreviated lex. In particular, Lex is the 2-category of categories with finite limits and lex functors. See also continuous functor. Similarly, but more rarely, ‘right exact’ is sometimes abbreviated as rex.
The notion of exact functor has straightforward analogs in higher category theory.
For (∞,1)-category theory see exact (∞,1)-functor.
for instance section 3.3 of