What does the term "generic" mean?

The difference between a brand name medicine and a generic one is in the name, shape and in the price. A generic drug is usually called by the name of the active ingredient while a manufacturer uses a brand name. However, a manufacturer cannot possess a patent for a certain chemical agent, this is why manufacturers of generic medications can legally produce the so-called "generics"...
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Why are generic medicines so cheap?

Unlike generic drugs, a large part of the costs incurred by original manufacturers of brand name drugs are for research and development and advertising. The expense of obtaining FDA approval alone in the U.S. is enormous. Manufacturers of generic drugs do not have to absorb or recover these costs. Consequently, significant cost savings can be passed along to you.