1.
low-priced, inexpensive, cheap
A formal term meaning low in price or cost. Unlike 安い, which is everyday language, 廉価 is used in written and business contexts and does not carry the negative connotation of poor quality.
Usage
A formal, written-style word. In everyday speech, 安い is used instead. 廉価 is neutral or even positive — it implies a reasonable or attractive price without suggesting poor quality. The compound 廉価版 (budget edition, economy version) is especially common for books, DVDs, and software.