Inexpensive; low-priced — a slightly formal term for something offered at a low cost.
低廉な価格で良質なサービスを提供することが目標だ。
Our goal is to provide high-quality services at low prices.
この店は低廉な商品を大量に取り扱っている。
This store handles a large number of inexpensive products.
政府は低廉な住宅の供給を進めている。
The government is promoting the supply of affordable housing.