Although I appreciate great and good knives, many people just want something they can carry daily that isn't utter crap. In fact, my first locking knife came from a Dollar Store. And that's one thing I recommend in a knife. Get one that locks. Most pocket knives have traditionally been slipjoint knives. These are your Case knives, Barlow knives and Swiss Army Knife (though they're making some locking knives now).
There are essentially two types of junk knives out there. One has a soft blade steel, comes sharp but dulls quickly with use. Still, one can get them very sharp, depending on the heat treat, and some aren't bad at all. The blades are most commonly 420 stainless. Don't buy 420J2; that and anything lower is junk. Avoid knives marked "surgical stainless." Most people don't know that most surgical scalpels and other surgical tools are normally used once, then discarded.
The next level is actually worse in my book. They're advertised as 440 or 440A. Böker makes decent knives, but its Magnum line uses all 440A stainless blade steel. This is a much better steel than 420, but the heat treat is almost always horrible. I bought two Böker Magnum knives. Neither came sharp out of the box, nor can they be sharpened. Other 440A blades from cheap manufacturers are pretty much the same. The only exception is Cold Steel. It made some knives a number of years ago with 440A blades and they nearly took my fingers off! I have a few Night Force, Pro-Lite and Recon 1 (all made by Cold Steel). What was the difference? It's the way the steel is heat treated. If blades are allowed to simply air cool, the quality of the blade will be different than if it comes out red hot and is then plunged into a sub-zero cryogenic bath. Cold Steel's heat treat has always been exceptional. So has Spyderco's. But I can take one of Cold Steel's 440A knives, serrated or plain, and it holds an edge very well, plus it's easy to sharpen.
Below are some cheap knives in my collection with some comments.
I have this knife in both plain and serrated edges. Beautiful knife
with a sub-zero quenched blade. Cuts like the ****ens! The plain
edge version almost nicked me right out of the box. Be very careful
with Cold Steel knives.
You'll hear a lot about S&W knives, both good and bad. I've
found them to be very underrated overall. The Magnesium
(top) gets its name from its magnesium handle and was
initially made to retail for more than $50. I bought a bunch
of the first ones for less than six dollars per knife. The
Hawkbill, above, also was to be a premium knife, but couldn't
command the price. I bought a bunch also for less than six
dollars per knife! Both knives shown here are very well made
and sport 440C blades that are easy to keep sharp.
(Note: Some S&W knives are less-than-stellar because
they're made by different manufacturers. But even the
cheaper models aren't total junk. Just judge on the look
and feel, or the photos.)
Maxam knives are synonymous with "cheap" and "junk."
They almost always have 420 stainless steel blades and
in my view are just fine for casual applications. This model
has a fairly decent frame lock, which is much better than
most liner locks, in my opinion. If going to a place where
I may have to ditch a knife, the Maxam is what I'll carry.
If a museum or other building has a metal detector, I can
usually ditch my gentleman's blade under a bush until I can
return for it. This knife set me back about five bucks.
This Eddie Bauer is hands down the ugliest,
most unappealing knife in my collection. It has
a titanium-coated 440C stainless steel half-serrated
blade, seems well made with a decent lock. It's
very thin, but the blade shape has an ugly hump
at the top. Fully functional, light weight with a
belt clip, but fugly beyond belief.
The first of these three is a very attractive M-Tech, with a
440A blade that isn't sharp and can't be sharpened much.
It can open a package, cut rope and is an okay knife to
give to a kid who otherwise might cut himself. What made
me buy it, years ago, was the neat coating. For those of
you who are 55-60 years old or so, remember those old
microscopes and other old fashioned optical devices with
a coating that epitomized quality? Well, this is a very similar
coating. It's hard to sharpen through. The other two knives
are Maxams. Very sharp, but made of 420 stainless, so one
has to sharpen them frequently if engaged in a lot of cutting.
The middle knife has a 5-inch blade and, though not a
tactical knife, can be carried discreetly for defense. The
bottom knife is really pretty nice and it's quick to open.
Also sharp, also easy to sharpen.
These knives are only a few of many, but I hope they will lay a little groundwork for what's out there. All in all, if a blade is 440A and
not made by Cold Steel, avoid it. If the steel has a designation with a CR in it (like 8Cr13, don't drop below "7" for a first letter as a general rule.
Just my opinions. Others may vary.