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.
Noun. 1. noun-a content word that can be used to refer to a person, place, thing, quality, or action. content word, open-class word-a word to which an independent meaning can be assigned. substantive-any word or group of words functioning as a noun.