The term 'great fun' is a noun phrase, a group of words based on a noun that function as a unit in a sentence.
The noun phrase 'great fun' is made up of the noun 'fun' described by the adjective 'great'.
Example uses of a noun phrase:
Great fun was had at the skating party. (subject of the sentence)
The review said that great fun was had by all. (subject of the relative clause)
We've planned great fun for the evening. (direct object of the verb 'planned')
We're ready for some great fun. (object of the preposition 'for')
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