Source : Webster's Revised Unabridged Dictionary (1913)

Cheap \Cheap\, n. [AS. ce['a]p bargain, sale, price; akin to D.
   Koop purchase, G. Kauf, ICel. kaup bargain. Cf. {Cheapen},
   {Chapman}, {Chaffer}, {Cope}, v. i.]
   A bargain; a purchase; cheapness. [Obs.]

         The sack that thou hast drunk me would have bought me
         lights as good cheap at the dearest chandler's in
         Europe.                                  --Shak.

Cheap \Cheap\, a. [Abbrev. fr. ``good cheap'': a good purchase
   or bargain; cf. F. bon march['e], [`a] bon march['e]. See
   {Cheap}, n., {Cheapen}.]
   1. 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. --Locke.

   2. Of comparatively small value; common; mean.

            You grow cheap in every subject's eye. --Dryden.

   {Dog cheap}, very cheap, -- a phrase formed probably by the
      catachrestical transposition of good cheap. [Colloq.]

Cheap \Cheap\, adv.
   Cheaply. --Milton.

Cheap \Cheap\, v. i.
   To buy; to bargain. [Obs.] --Chaucer.

Source : WordNet®

cheap
     adj 1: relatively low in price or charging low prices; "it would
            have been cheap at twice the price"; "inexpensive
            family restaurants" [syn: {inexpensive}] [ant: {expensive}]
     2: tastelessly showy; "a flash car"; "a flashy ring"; "garish
        colors"; "a gaudy costume"; "loud sport shirts"; "a
        meretricious yet stylish book"; "tawdry ornaments" [syn: {brassy},
         {flash}, {flashy}, {garish}, {gaudy}, {gimcrack}, {loud},
         {meretricious}, {tacky}, {tatty}, {tawdry}, {trashy}]
     3: of very poor quality [syn: {bum}, {cheesy}, {chintzy}, {crummy},
         {punk}, {sleazy}, {tinny}]
     4: embarrassingly stingy [syn: {chinchy}, {chintzy}]