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 A statement of the exact meaning of a word, especially in a dictionary: a dictionary definition of the verb. More example sentences. 1  The Judge said she had, in the absence of any statutory definition, consulted several dictionaries for a definition of the word record.