Acer is launching its newest member of its Iconia tablet family. Acer officially announced the Iconia B1-A71 tablet, one of the lowest priced 7-inch tablets on the market. Acer designed the tablet for young people, new users or families looking to add another tablet to their household without breaking the bank.

Acer is targeting the lower end of the tablet space with the Iconia B1-A71. It believes that it's the perfect low-cost tablet for first time tablet buyers and the $150 price tag is low enough to justify joining the 7-inch tablet party.

Here's a look at Acer Iconia B1-A71 features and specs:

• Android JellyBean operating system
• Mediatek dual-core 1.2GHz processor (MTK 8317T)
• 7-inch diagonal WSVGA capacitive multitouch screen with 1,024 x 600 resolution display
• 8GB(1) of internal storage and 512MB DDR3 memory
• Wireless connectivity: Wi-Fi 802.11 b/g/n -Bluetooth® wireless technology 4.0 -GPS
• 3.5mm headset/headphone/microphone jack
  -internal speaker
• microSD^TM expansion slot with up to 32GB support
• Front-facing 0.3-megapixel webcam
• Rechargeable 2,710 mAh battery
• micro-USB (charging and PC connect) with USB 2.0
• Dimensions: 197.4 mm x 128.5 mm x 11.3 mm
• Weight: 320 g

As you can tell from the specs, this is definitely an entry-level tablet compared to other 7-inch tablets like Apple's iPad mini, Google's Nexus 7, and Amazon's Kindle Fire HD. Acer is not targeting those devices and is betting on that sweet and low $150 price point. Will the low price of the Iconia B1-A71 tablet be enough to sway you to choose it over other 7-inch tablets? Sound off below.