noun
low-priced goods; inexpensive items
Refers to goods sold at a low price, often implying reasonable quality for the cost. Common in retail and consumer contexts.
この店は廉価品を多く取り扱っている。
This store carries many low-priced goods.
廉価品でも品質が良いものがある。
Even among low-priced goods, there are items of good quality.
特価品 refers to 'special-priced items' or 'bargains', often on sale, whereas 廉価品 simply means low-priced goods without the promotional aspect.
Compound of 廉価 (low price) and 品 (goods). 廉価 is a Sino-Japanese word from 廉 (cheap, honest) and 価 (price).