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.
[b]DEFINITION:[/b] A [b][i]phrase[/b][/i] is a group of related words that does not include a subject and verb. [b]The Garden of Phrases[/b] - [http://grammar.ccc.commnet.edu/grammar/phrases.htm].