cheapo

(noun, adjective)

adjective

1. (slang) Inexpensive and of poor quality.

- They wanted crystal champagne glasses for the party but the caterers provided cheapo plastic cups instead.

noun

1. (slang) A person who is stingy, a cheapskate.

2. (chess) A primitive trap, often set in the hope of swindling a win or draw from a losing position.