"이 제품은 가격이 너무 비싸요."
Translation:This product's price is too high.
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would a more direct translation be something like: "as for this product the price is too expensive"?
Yes, that would be a more literal translation. It more naturally translates to "this product's price is too high" though
가격이 싸다 = cheap at the price
가격이 비싸다 = overpriced
So would suggest a translation in the line of
This product is way overpriced ...
"의", of is used to indicate ownership i.e. to describe something belongs to or relates to something else
"은/는", for/apropos is used to reference something.
• 제품의 가격 = price of the product => Focus set on "가격". 제품의 only acts as a "modifier" of 가격.
이 제품의 가격이 너무 비싸요 = The price of this product is too high
• 제품은 가격 = price for (a/the) product => Focus set on "제품"
이 제품은 가격이 너무 비싸요 = The price for this product is too high => This product is too highly priced (or too high-priced) = This product is too expensive.
I am not an expert but......the price can be low or high so it cannot be neither expensive nor cheap. This is the feature of the product itself which can be either cheap or expensive.