A graph made to analyze how fast an enzyme can convert its substrate into its product, depending on how much substrate is present (its concentration) and to determine its rate (after which the enzyme does not convert any faster no matter how high the concentration of substrate gets), called Vmax. It is a plot of 1/v versus 1/S, where v=rate of product formation and S=the concentration of the substrate.
This is also known as a Lineweaver-Burk plot. It is the inverse, simplified version of the Michaelis-Menten equation.
From the BioTech Dictionary at http://biotech.icmb.utexas.edu/. For further information see the BioTech homenode.