Crossword Genius

Weapon wielded economically? (3)

Ross

I believe the answer is:

axe

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'weapon' is the definition.
(axe is a type of weapon)

I don't understand the rest of the clue.

Can you help me to learn more?

(Other definitions for axe that I've seen before include "Guitar" , "Abandon project or cut back on resources" , "Cutter" , "Cut costs or staff drastically" , "Do away with" .)

I've seen this clue in the Evening Standard.
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