As a value judgment, normative economics stands in sharp contrast to positive economics, which is objective, rather than subjective in nature. This type of economics looks at 'what is' happening in the economy, and while not necessarily correct, the statements can be evaluated and eventually proven or disproven.
Is 62 the age of a senior citizen? At the age of 62, one can retire with social security benefits within the US, and is considered to be the age of a senior citizen by many organizations. However, the federal gâ¦overnment has determined one who is 65 years of age or older is senior citizen.
For most purposes, you become an adult when you turn 18, an age established by The Age of Majority Act. However, other ages can be important depending on what legal issues are involved. For example, under Michigan law a person is considered an adult for purposes of the criminal law at age 17.