The word 廉价 is formed by combining two characters: 廉, which conveys the idea of being low-cost, economical, or honest (implying a lack of excessive profit), and 价, which means "price" or "value". Their combination conceptually fuses the attribute of "low cost" directly with the notion of "price", resulting in a compound that intrinsically means "low price" or "inexpensive". It is a direct semantic construction where the first element describes the quality of the second.