Entry-level price for a new Mac, right now, is $700 (M1 Macbook Air at Walmart). It doesn't get you the best or the fastest, but it's a perfectly usable laptop. Or, if you're okay with something lightly used, a refurbished M1 Mac Mini is ~$500.
The M1 MBA being sold by Best Buy and Walmart are perfectly fine for 99% of the computing world. Maybe not for gamers (most laptops suck for this), or for someone needing to crunch large datasets, but when this first came out, tons of developers were perfectly happy using it, even with small storage. Hell, my iMac I used up until buying a Mac Studio only had 256GB.
Yep. 8 GB RAM isn't great, but for basic use -- web browsing, word processing, some light photo/video editing, etc -- it'll be perfectly adequate. Not everyone needs a supercomputer.
Depends on how much browser tabs they dare to keep open, and how many pictures and videos they want to keep around on their computer stored in high resolution.
As far as the processor goes, the M1 is in active production (e.g. for the iPad Air), and is still a very capable CPU. It may not be the fastest laptop CPU on the market anymore, but it's hardly slow.
