noun, na-adjective
Often used in commercial or formal contexts to describe something as reasonably priced or economical. Carries a slightly more formal tone than 安い.
この店は廉価な商品を多く取り扱っている。
This store carries many low-priced products.
廉価版のソフトウェアも販売されています。
A low-priced version of the software is also sold.
Compound of 廉 (inexpensive, honest) and 価 (price, value). The kanji 廉 carries a sense of being reasonable and upright, which extends to the idea of a fair, low price.