Hydrogen, nitrogen, oxygen, and chlorine are the cheapest elements by volume. As far as metals, iron (fe) is considered to be the cheapest and most functional metal. What is the cheapest metal that is durable, inflexible, and light? If you want something lighter than that, you've got aluminum, titanium, and magnesium. Each of those will sacrifice.
Aluminium is the most abundant metallic element in the crust but its intensive reduction process sets its cost at $1/lb. Along with zinc, lead, and cadmium.
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