Cheap vs. Economical — What's the Difference?
Edited by Tayyaba Rehman — By Fiza Rafique — Updated on May 4, 2024
"Cheap" often refers to items of low cost and potentially low quality, while "economical" implies cost-effectiveness without necessarily compromising quality.
Difference Between Cheap and Economical
Table of Contents
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Key Differences
"Cheap" can denote products or services that are low in price, often carrying a connotation of inferior quality or lesser durability. On the other hand, "economical" describes choices that provide good value for money, balancing cost with quality and efficiency.
A cheap item may initially save money but could lead to higher long-term costs due to poor performance or the need for frequent replacements. Conversely, an economical choice is designed to minimize overall expenses over time, often through better performance and reliability.
In marketing, "cheap" can deter some customers who perceive the low price as an indicator of poor quality. However, describing a product as "economical" often appeals to budget-conscious consumers looking for both affordability and quality.
The purchase decision between something cheap and something economical depends on the buyer’s priorities. If immediate cost-saving is crucial, a cheap option might be chosen. If long-term value is more important, an economical option would be more suitable.
While "cheap" focuses strictly on the price aspect, "economical" involves a broader evaluation of cost relative to benefits, making it a preferred term in contexts where efficiency and long-term planning are considered.
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Comparison Chart
Definition
Low cost and potentially low quality
Cost-effective, offering good value for money
Quality Perception
Often seen as inferior
Generally perceived as higher quality
Long-term Value
Lower due to potential for earlier failure
Higher as it leads to savings over time
Marketing Appeal
Less appealing to quality-conscious consumers
More appealing to those seeking value
Decision Factor
Immediate cost saving
Overall cost-effectiveness
Compare with Definitions
Cheap
Low in price, possibly at the expense of quality.
The chair was cheap, breaking after only a few months of use.
Economical
Balances cost with features and benefits.
An economical printer uses less ink and has a longer lifespan.
Cheap
Attracts consumers with the lowest upfront cost.
Cheap flights are popular but might come with less comfort or convenience.
Economical
Sought by consumers who prioritize overall value.
Economical software licenses offer more features and flexibility for the price.
Cheap
May result in higher overall costs due to replacements.
Buying cheap appliances can lead to frequent repairs or replacements.
Economical
Appeals to those looking for long-term savings.
She chose the economical meal plan, which offered better ingredients and savings.
Cheap
Often implies a compromise in aspects like durability or effectiveness.
Cheap shoes often end up being less comfortable and durable.
Economical
Often requires an initial higher investment for future savings.
Economical heating systems are expensive upfront but reduce energy bills.
Cheap
Appeals primarily based on price.
He bought the cheap paint, which faded quickly.
Economical
Provides efficiency and good value for money.
Buying an economical car means spending less on fuel and maintenance.
Cheap
Low in price, especially in relation to similar items or services
Local buses were reliable and cheap
Economical
Giving good value or return in relation to the money, time, or effort expended
A small, economical car
Cheap
Of little worth because achieved in a discreditable way requiring little effort
Her moment of cheap triumph
Economical
Designed or functioning to make effective use of money or effort invested
An economical heating system.
An economical approach to control of corporate growth.
Cheap
At or for a low price
A house that was going cheap because of the war
Economical
Prudent and thrifty in management; not wasteful or extravagant.
Cheap
Relatively low in cost; inexpensive or comparatively inexpensive.
Economical
Sparing in the amount of items involved to achieve a desired result
An economical writing style.
Threw an economical 12 pitches in the first inning.
Cheap
Charging low prices
A cheap restaurant.
Economical
Careful with money so as not to spend too much; prudent; thrifty.
He was an economical person by nature.
Cheap
Obtainable at a low rate of interest. Used especially of money.
Economical
Saving money or resources.
The new, eco-friendly bicycle was an economical purchase.
Cheap
Devalued, as in buying power
Cheap dollars.
Economical
(dated) Relating to economy in any other sense.
Cheap
Achieved with little effort
A cheap victory.
Cheap laughs.
Economical
Using the minimum of time or resources necessary for effectiveness;
An economic use of home heating oil
A modern economical heating system
An economical use of her time
Cheap
Of or considered of small value
In wartime, when life was cheap.
Economical
Of or relating to an economy, the system of production and management of material wealth;
Economic growth
Aspects of social, political, and economical life
Cheap
Of poor quality; inferior
A cheap toy.
Economical
Avoiding waste;
An economical meal
An economical shopper
A frugal farmer
A frugal lunch
A sparing father and a spending son
Sparing in their use of heat and light
Stinting in bestowing gifts
Thrifty because they remember the great Depression
`scotch' is used only informally
Cheap
Worthy of no respect; vulgar or contemptible
A cheap gangster.
Cheap
Stingy; miserly.
Cheap
Inexpensively
Got the new car cheap.
Cheap
(obsolete) Trade; traffic; chaffer; chaffering.
Cheap
(obsolete) A market; marketplace.
Cheap
Price.
Cheap
(obsolete) A low price; a bargain.
Cheap
Cheapness; lowness of price; abundance of supply. en
Cheap
Low and/or reduced in price.
Cheap
Of poor quality.
Cheap
Of little worth.
Cheap
Underhand or unfair.
The cheap trick of hiding deadly lava under pushable blocks
Cheap
Stingy; mean; excessively frugal.
Insurance is expensive, but don't be so cheap that you risk losing your home because of a fire.
Cheap
(finance) Trading at a price level which is low relative to historical trends, a similar asset, or (for derivatives) a theoretical value.
The ETF is trading cheap to NAV right now; we can arb this by buying the ETF and selling the underlying constituents.
Cheap
To trade; traffic; bargain; chaffer; ask the price of goods; cheapen goods.
Cheap
To bargain for; chaffer for; ask the price of; offer a price for; cheapen.
Cheap
To buy; purchase.
Cheap
To sell.
Cheap
Cheaply.
Cheap
A bargain; a purchase; cheapness.
The sack that thou hast drunk me would have bought me lights as good cheap at the dearest chandler's in Europe.
Cheap
Having a low price in market; of small cost or price, as compared with the usual price or the real value.
Where there are a great sellers to a few buyers, there the thing to be sold will be cheap.
Cheap
Of comparatively small value; common; mean.
You grow cheap in every subject's eye.
Cheap
Cheaply.
Cheap
To buy; to bargain.
Cheap
Relatively low in price or charging low prices;
It would have been cheap at twice the price
Inexpensive family restaurants
Cheap
Tastelessly showy;
A flash car
A flashy ring
Garish colors
A gaudy costume
Loud sport shirts
A meretricious yet stylish book
Tawdry ornaments
Cheap
Of very poor quality
Cheap
Embarrassingly stingy
Common Curiosities
Can a product be cheap but not economical?
Yes, if a product is cheap because it’s of low quality and may need frequent replacement, it’s not necessarily economical due to higher long-term costs.
Why do some brands market their products as economical rather than cheap?
Brands use "economical" to highlight value, durability, and overall cost-effectiveness, which can appeal more to consumers looking for quality and sustainability.
Can economical choices vary by individual needs?
Absolutely. What is economical for one person might not be for another, depending on individual needs, usage patterns, and financial circumstances.
How do warranties play into the cheap vs. economical debate?
Products with longer warranties may be more economical as they suggest manufacturer confidence in product durability and performance.
Can a high initial cost be justified as economical?
Yes, if the higher initial cost leads to significantly lower recurring costs or longer product life, it can be considered economical.
What are some examples of economical purchasing decisions?
Buying a slightly more expensive appliance that uses less electricity or a car with better fuel mileage that costs more upfront but saves money in the long run.
What is the basic difference between cheap and economical?
Cheap refers to low cost, often with the implication of lower quality, while economical implies good value for money, balancing cost with quality.
Is it better to buy cheap or economical products?
It depends on the situation. Economical products are generally better for long-term savings and reliability, whereas cheap products might be suitable for short-term or less frequent use.
How can a consumer determine if something is economical rather than just cheap?
By comparing the product’s cost over its lifetime, including factors like durability, maintenance, and operational costs, not just the purchase price.
What industries typically emphasize the economical over the cheap?
Industries like automotive, appliances, and electronics often emphasize being economical, as consumers in these markets are concerned with longevity and operating costs.
How does investing in economical products affect the environment?
Economical products, often being more durable and efficient, can reduce waste and consumption of resources, thereby benefiting the environment.
How do marketing strategies differ when promoting cheap vs. economical products?
Marketing for cheap products often focuses on low upfront costs, while for economical products, it highlights long-term savings and superior performance.
Is buying cheap ever a more economical choice?
Yes, for items that are infrequently used or likely to be replaced due to technological advancements, buying cheap might make more sense economically.
How should businesses decide between offering cheap or economical products?
Businesses need to consider their target market's preferences for quality and value, their brand image, and the competitive landscape to decide which approach to take.
What should I look for in reviews to find economical products?
Look for reviews that discuss product longevity, reliability, and total cost of ownership rather than just initial price.
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Written by
Fiza RafiqueFiza Rafique is a skilled content writer at AskDifference.com, where she meticulously refines and enhances written pieces. Drawing from her vast editorial expertise, Fiza ensures clarity, accuracy, and precision in every article. Passionate about language, she continually seeks to elevate the quality of content for readers worldwide.
Edited by
Tayyaba RehmanTayyaba Rehman is a distinguished writer, currently serving as a primary contributor to askdifference.com. As a researcher in semantics and etymology, Tayyaba's passion for the complexity of languages and their distinctions has found a perfect home on the platform. Tayyaba delves into the intricacies of language, distinguishing between commonly confused words and phrases, thereby providing clarity for readers worldwide.
