Orbit

Orbit is a term which is used to describe the flightpath of an object in space which has repetitive motion and a distinct center with respect to its flight path.

The term is used to define a planets flight path in its own solar system, and to describe a starship's relative position above an object. (TNG episode: "Force of Nature")

There are several different forms of orbit, some of which are commonly referred to as "standard orbit" or "high orbit" by Starfleet personnel:

Synchronous orbit: This form of orbit is used by a starship to maintain its position towards a specific point on the objects surface. In this circumstances, the starship's velocity will be equal to the object it is orbiting. (TNG episode novelization: Relics)
High orbit: This form of orbit means that a starship maintains a large distance from an objects surface for safety reasons, but would still allow the use of transporters. (VOY episodes: "Ex Post Facto" & "The Omega Directive")
Geostationary orbit: This form of orbit is where a starship remains stationary above a certain point of the object it is orbiting. During the Cardassian Occupation of Bajor, Terok Nor was positioned in geostationary orbit of Bajor. (DS9 episodes: "Emissary", "Necessary Evil" & Wrongs Darker Than Death or Night"; TNG novel: Double Helix: "Vectors")

The unusually wide elliptical orbit of Bajor's outermost moon; The Prodigal, only brought it into view of Bajor every five years. (DS9 novel: Devil in the Sky)