Is economy pricing the same as no-frill low price?

Economy pricing means selling the product at low prices by reducing the extra costs. For instance, cutting down the marketing cost for the fruits or vegetables at the grocery store. Or you need to sell these products in high volume to earn a profit.

On the other hand, no-frill pricing means selling the basic product or services without extra features. For example, you can buy no-frill airline tickets for domestic flights. They won't offer you in-flight meals hence they will charge less too.