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.
Here's how it works... If you are age seventy or older and play golf you may safely say that you are a senior golfer. However, if you want to play on the PGA's Champions Tour you would be a senior golfer at age 50. The United States Golf Association has two different ages that define senior golfers.