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.
The term senior citizen is meant to convey the distinction of those who are elders in our society. The actual age that defines a senior citizen can vary depending on where and how the term is used. Some organizations consider age 50 to be a senior while others may define the age at 60 or higher.