The term 'low-cost' is a compound word formed from 'low' and 'cost', where 'low' originates from Old Norse 'lág' meaning 'not high', and 'cost' comes from Latin 'constare' meaning 'to stand firm'.

'Low-cost' evolved from the combination of 'low' and 'cost', which were used separately in Middle English and later combined in modern English to describe affordability.

Initially, 'low' and 'cost' were used separately to describe height and expense, respectively. Over time, they combined to describe affordability.