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Low-cost is an economic concept based on the practice of offering lower than average prices when looking at the market. This price reduction generally comes from cutting services that are not considered to be essential.
These are aeroplanes chartered by a tour operator for more or less set itineraries. Charter flights are often subject to restricted conditions of use, unusual flight times and tickets that are non-exchangeable and non-refundable.
Otherwise known as Early Booking. We occasionally confuse this with "First Minute" offers. With First Minute reductions, it is possible to save a lot of money by booking very early. While Early Booking reductions aren't as high as First Minute offers, they are valid for a longer period of time.
Or last minute purchases. You can never be sure of the final result. There are some very good deals to be had if seats become available at the last minute. If the company has already sold enough tickets and the plane is nearly full, they will sell off tickets at expensive prices. Or vice versa, if the plane is almost empty, the flight tickets can be very cheap at the last minute.