Explain how the event loop, microtasks, and macrotasks work in JavaScript.

Imagine a chef (JS has only one chef). He finishes all the tasks on the table (synchronous code) before turning to the two lines of waiting customers. The VIP line (microtask — Promise) is served completely first. After that, he calls one person from the regular line (macrotask — setTimeout), serves them, then returns to clean up the VIP line before calling the next person from the regular line.