The Spanish word 'muñequito' is formed by combining the word 'muñeco' (meaning 'doll') with the diminutive suffix '-ito'. In Spanish, the suffix '-ito' is commonly added to nouns to indicate smallness or endearment. When adding '-ito' to 'muñeco', the 'c' changes to 'qu' before the 'i' following Spanish spelling rules, resulting in 'muñequito' meaning 'little doll'.

A simpler and more common related Spanish word is 'muñeco', meaning 'doll' or 'puppet'. The word 'muñeca' is also related, meaning specifically a female doll or the wrist (possibly due to the joint's doll-like movement capabilities).

While there aren't direct English cognates for 'muñequito', English speakers might find it helpful to remember that the '-ito' suffix is similar in function to adding 'little' or '-y/-ie' to English words (like doggy, kitty). The base word 'muñeco' itself appears to be uniquely Spanish in origin.