It is the phenomenon of emission of electrons from the surface of metals, when light radiations (Electromagnetic radiations) of suitable frequency fall on them. The emitted electrons are known as photoelectrons and the current so produced is called photoelectric current.
This effect is related on the rule of conservation of energy.
Terms related to photoelectric effect
(i) Work function (or threshold energy) (W0) : The minimum energy of incident radiation, needed to eject the electrons from metallic surface is defined as work function of that surface.
n0 = Threshold frequency; λ0 = Threshold wavelength
Work function in electron volt W0(eV) 
(ii) Threshold frequency (v0) : The minimum frequency of incident radiations required to eject the electron from metal surface is defined as threshold frequency.
If incident frequency v < v0 => No photoelectron emission
(iii) Threshold wavelength (λ0) : The maximum wavelength of incident radiations required to eject the electrons from a metallic surface is defined as threshold wavelength.
If incident wavelength λ > λ0 => No photoelectron emission
Einstein's photoelectric equation: It is defined by Einstein that photoelectric effect is the result of one to one inelastic collision between photon and electron in which photon is completely absorbed. So if an electron in a solid gets a photon of energy E (= hn), it uses the energy in three following ways.
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(i) Some energy (say W) is used in shifting the electron from interior to the surface of the metal.
(ii) Some energy (say W0) is used in making the surface electron free from the metal.
(iii) Rest energy will appear as kinetic energy (K) of the emitted photoelectrons.
Hence E = W + W0 + K
For the electrons emitting from surface W = 0 so kinetic energy of emitted electron will be max.
Hence E = W0 + Kmax ; This is the Einstein's photoelectric equation
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