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.
Since people are living longer, the today's official age to be considered a senior citizen is 65. That's when you can begin collecting your full retir â¦ ement, although, you can began collected at age 62, but at a discounted rate. Age 0-12 is considered a child. Age 13-19 is a teenagers.