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Poor man's is a common slang term used to compare one thing with another. It is not necessarily a derogatory term. It is usually used in a sentence as "X is a poor man's Y", with X being the person or thing one is referring to, and Y being the superior but similar person or thing.
This phrase indicates that a person would only choose the first option if he or she did not have the money to choose the second one. Thus, it is a fall-back option.
In technology, this form can describe something that is simpler but not necessarily inferior.
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