Definition: to economize, to take a short-cut, to reduce quality in order to save money
Note: this idiom is usually negative — don’t use it when you want to express approval or support something
Examples:
During these hard times, we are tempted to cut corners to save money. Resist this, because when times are good again, people will remember you sacrificed quality.
To design a really fantastic product, don’t cut corners. If you cut corners, your product will just be average.