废品 (fèi pǐn) literally combines 废 (fèi), meaning 'waste', 'discarded', or 'useless', and 品 (pǐn), meaning 'item', 'product', or 'goods'. Together, it refers to discarded materials or objects that are no longer functional or wanted — commonly translated as 'waste product', 'junk', or 'scrap'. It often implies potential for recycling or resale, especially in informal contexts like neighborhood recycling centers or secondhand markets.

This word is neutral in register but leans slightly formal or institutional when used in official settings (e.g., waste management policies), and more colloquial in everyday speech (e.g., calling old electronics '废品'). It’s not used for organic waste like food scraps (that’s 垃圾 lājī); instead, it typically applies to durable, reusable, or recyclable items such as metal, paper, glass, or broken appliances.