What's the Word?

I've thought about getting a Mac for video editing. I'm curious,
though. If you don't want to pay for Microsoft Word on the
Mac ($350!?!) what is the default word processing application?
Is there one? A much cheaper alternative? I can do spreadsheets
and presos and image editing and stuff on my Windows PC,
but I have to at least have a minimally sophisticated word
processing app for my Mac. Especially if I get a laptop.
What do you know, readers?