I regret buying the cheap TV at the electronics sale because it barely lasted a week before the screen went black and the volume stopped working based on the clues and the passage the author uses the word cheap to mean what

Yes, the author uses the word “cheap” to say it was less expensive. But also the quality was cheap. The screen went black, and the volume stopped working which also means that I was made out of cheap quality. (Hope this is a better explanation)