Crossword Genius

Executive Officer adopts trick used by diminutive penny-pincher to cut costs (9)

Ross

I believe the answer is:

economise

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'cut costs' is the definition.
(both can mean to save money)

I cannot understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for economise that I've seen before include "save?" , "cut services" , "budget" , "Scrimp" , "make cuts" .)

I've seen this clue in The Irish Times.
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