cheapest way is as described by Psycho Dad and Charlatan described, they have a roll looks like screen wire.
The best way would be cut the hole out (resulting in a bigger hole) spanning to both studs, and cut a new peice of dry wall, and tape the new seams. I would suggest at least a 4 inch blade putty knife so you can cover the tape line well. Also this may be big enough to provide some texture from some of the spackle.
as far as the easy way, you can probably get away with some non-lightweight spackle (the quick dry stuff) would not be best for this. and you will need to put several layers on as it will shrink. also a plastic putty knife will work, you should be albe to fix the entire thing for about $ 10.00
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