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, Grammar. 1. an adjective or complement to certain auxiliaries that is regularly derived from the verb in many languages and refers to participation in the action or state of the verb; a verbal form used as an adjective.