adj.cheap; inexpensive; at a bargain price
This suit of clothing is more inexpensive than that one.
It's very cheap.
This kind of car is very cheap.
n.unearned gains; unmerited advantages
Don't be tempted to buy a thing just because it's cheap.
out for small advantages
Are you greedy for the unearned gains?
v.let somebody off lightly; give somebody unmerited advantages
You have been let off lightly for this.
The thief got twenty days' imprisonment, and he got off easily at that.
He did so many bad things that the result was too light for him.