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Lenovo is adding a budget tablet to its lineup. The company already offers the 10 inch IdeaPad K1 Android tablet for consumers, a ThinkPad Tablet for professionals, and plans to launch the IdeaPad P1 Windows tablet soon. Now the company is adding a 7 inch model called the IdeaPad A1 to the mix.

Not only is the A1 smaller than Lenovo’s other tablets, it’s also cheaper. In fact, the Lenovo IdeaPad A1 will be one of the least expensive tablets from any major computer maker when it hits the streets in late September. Lenovo plans to offer the tablet for $199 and up.

As you may have guessed, the company made some tradeoffs to keep the price low. It doesn’t have the same processor, screen resolution, or other specs as the IdeaPad K1. The smaller tablet also runs Google Android 2.3 Gingerbread instead of Android 3.2 Honeycomb.

But that said, it actually looks like a pretty good device for the price. Here are some of the key specifications:

• 7 inch, 1024 x 600 pixel display
• Capacitive touchscreen with support for 2-finger multitouch input
• 1 GHz ARM Cortex-A8 processor
• Google Android 2.3 Gingerbread operating system
• Support for the Android Market and Lenovo’s app store
• GPS which works whether you have an internet connection or not
• G-sensor
• Front and rear cameras
• WiFi and Bluetooth
• Up to 32GB of storage.
• Black, white, pink, and blue color options
• Magnesium alloy case

The Lenovo IdeaPad A1 measures about 0.5 inches thick and weighs about 0.9 pounds. It also includes some custom software including a widget that you can place in the center of your home screen for quick access to frequently used applications, and Lenovo’s SocialTouch app for connecting to your social networks.