Meaning of the word low-cost in English

What does low-cost mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

low-cost

US /loʊ kɔːst/
UK /ləʊ kɒst/
"low-cost" picture

Adjective

relatively inexpensive; cheap to produce or purchase

Example:
We booked a flight with a low-cost airline.
The government is promoting low-cost housing for families.