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.
Definition of Nouns. A noun is a part of speech, and parts of speech simply refer to types of words. You may be familiar with a lot of basic parts of speech, like nouns, verbs, and adjectives. Nouns identify people, places, things, and ideas.