cheap / cheep are similar-sounding terms with different meanings (referred to as homophones). To better understand the differences, see below for definitions, pronunciation guides, and example sentences using each term. 👇
cheap: (adjective) relatively low in price or charging low prices. (adjective) embarrassingly stingy.
cheep: (noun) the short weak cry of a young bird.
cheap: ch·IY·p
cheep: NA
(Examples are Wikipedia snippets under the CC ShareAlike 3.0 license. Definitions drawn from WordNet.)