How does lifo work compared to fifo?

Fifo (first-in first-out) is like a super market line at the cash.  The person who arrives first will be out first.
     
in-> |  |  |  |  |  |  |  |  -> out
     

Lifo (last-in last-out) is like the pile of dishes in a buffet restaurant.  Fresh dishes are pushed into the stack.  The last dish pushed in will be the first one to pop out when there is a customer needing a dish.
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   ||  |  |  |  |  |  |  |       <-  in             ||  |  |  |  |  |  |  |  |  -> out   
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