An invariant in mathematics is something that does not change under a set of transformations. The property of being an invariant is invariance. For the laymen, let us just say an invariant is some kind of correspondence between two types of mathematical objects, so that two 'similar' things correspond to one and the same object. Invariants are useful in discriminating complicated objects.
Mathematicians say that a quantity is invariant "under" a transformation; some economists say it is invariant "to" a transformation.
Some examples, taking more complicated objects to numbers:
See also