Welfare economics. Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level.
Noun. 1. noun phrase-a phrase that can function as the subject or object of a verb. nominal, nominal phrase. phrase-an expression consisting of one or more words forming a grammatical constituent of a sentence.. (Grammar) grammar a constituent of a sentence that consists of a noun and any modifiers it may have a noun clause, or a word, such as a pronoun, that takes the place of a noun.
More Information: adjective clause, adjective phrase, grammatical function, noun phrase, noun phrase modifier, prepositional phrase, relative clause, verb phrase. Noun phrase modifiers are defined as words, phrases, and clauses that describe a noun, pronoun, or noun phrase.