The Golden Axe - 1

To practice reading Chinese i downloaded an iPhone app that contains the story of the golden axe. I think this story is a variant of The Honest Woodsman story. The iPhone app is not brilliant but it does have the English for the story as well as the simplified Chinese characters.I am going to start doing my own translations and explanations based on this app. It should prove to be a good learning exercise. Lets start with the title of the story: 金斧头 (jin1 fu3tou2). 金(jin1) means golden and 斧头 (fu3tou2) means axe. So its quite simply: Golden Axe or The Golden Axe. I am still a bit confused about how some words are formed for example: 斧(fu3) means axe or hatchet. But 斧头(fu3tou2) also means axe or hatchet. Why would the title not simply be :  金斧 (jin1 fu3)?