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the term "expensive" can be applied to anything which requires more effort or money to obtain than it is physically worth. For example, cold fusion is "expensive" because the amount of energy required to initiate and sustain it is approximately 3.5561 times larger than the amount one would get out of it. For this reason fusion is best performed whilst warm and steamy rather than cold.
something is "expensive" if the price attached to it renders it an unwise purchase to all but the idiotically wealthy. If you have to take out a loan, mortgage or contract on the owner of said item, it is "expensive" and you are best advised to shop around or haggle.
Here are some examples of expensive things: