
günstig
cheap
Having a low price; inexpensive, not expensive.
Auf dem Markt habe ich sehr günstiges Gemüse gekauft.
I bought very cheap vegetables at the market.
cheap / favorable
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cheap
Having a low price; inexpensive, not expensive.
Auf dem Markt habe ich sehr günstiges Gemüse gekauft.
I bought very cheap vegetables at the market.

favorable
Advantageous, suitable, or helpful for a particular plan or purpose.
Wir warten auf einen günstigen Moment, um das Thema anzusprechen.
We are waiting for a favorable moment to bring up the topic.

conveniently located
Well located in terms of transport and easy to reach.
Die Wohnung liegt sehr günstig, nur fünf Minuten vom Bahnhof entfernt.
The apartment is very conveniently located, only five minutes from the train station.
The adjective 'günstig' (cheap/favorable) comes from the noun 'die Gunst' (favor, goodwill). A 'günstiger Preis' (cheap price) is therefore, figuratively, a 'benevolent' price, and a 'günstiger Moment' (favorable moment) is a moment 'favored' by fate.
Er versuchte, die Gunst seines Chefs zu gewinnen.
He tried to win his boss's favor.
When 'günstig' is used in connection with buying, prices, or offers, it always means 'inexpensive' or 'not expensive'.
Ich habe ein sehr günstiges Flugticket nach Spanien gefunden.
I found a very cheap plane ticket to Spain.
In connection with abstract nouns like 'Moment' (moment), 'Gelegenheit' (opportunity), 'Wetter' (weather), or 'Bedingungen' (conditions), 'günstig' always means 'favorable' or 'suitable'.
Die Wettervorhersage für unsere Wanderung ist günstig.
The weather forecast for our hike is favorable.
When referring to places, apartments, or transport connections, 'günstig' means 'well located' or 'easy to reach'. It often appears together with verbs like 'liegen' (to be located) or 'wohnen' (to live).
Das Hotel liegt verkehrstechnisch sehr günstig in der Nähe des Hauptbahnhofs.
The hotel is very conveniently located in terms of transport, near the main train station.
good
Gut and günstig can both express that something is suitable or brings advantages. Gut is more general and neutral, whereas günstig particularly highlights favorable or advantageous circumstances. Both are possible for a suitable time, but günstig focuses more strongly on the situation.

Heute ist ein günstiger Zeitpunkt, um mit der Arbeit zu beginnen, weil alle Zeit haben.
Today is a favorable time to start the work because everyone has time.
Heute ist ein guter Zeitpunkt, um mit der Arbeit zu beginnen.
Today is a good time to start the work.