When we call something "generic" we're saying it is common, general, and not unique. For example, if you want to buy Dawn dish-washing liquid but it is out of your price range. Well, there is a "generic" less expensive store brand version of the product that is probably just as good as the specific popular brand that you want. A lot of popular brands have generic forms of their products; which is pretty nifty really, because not everyone can afford brand names.
