What is the event loop in JavaScript runtimes?

The event loop is a concept within the JavaScript runtime environment regarding how asynchronous operations are executed within JavaScript engines. It works as such:

1. The JavaScript engine starts executing scripts, placing synchronous operations on the call stack.
2. When an asynchronous operation is encountered (e.g., setTimeout(), HTTP request), it is offloaded to the respective Web API or Node.js API to handle the operation in the background.
3. Once the asynchronous operation completes, its callback function is placed in the respective queues – task queues (also known as macrotask queues / callback queues) or microtask queues. We will refer to "task queue" as "macrotask queue" from here on to better differentiate from the microtask queue.
4. The event loop continuously monitors the call stack and executes items on the call stack. If/when the call stack is empty:
   1. Microtask queue is processed. Microtasks include promise callbacks (then, catch, finally), await continuations, MutationObserver callbacks, and calls to queueMicrotask(). The event loop takes the first callback from the microtask queue and pushes it to the call stack for execution. This repeats until the microtask queue is empty.
   2. Macrotask queue is processed. Macrotasks include web APIs like setTimeout(), HTTP requests, user interface event handlers like clicks, scrolls, etc. The event loop dequeues the first callback from the macrotask queue and pushes it onto the call stack for execution. However, after a macrotask queue callback is processed, the event loop does not proceed with the next macrotask yet! The event loop first checks the microtask queue. Checking the microtask queue is necessary as microtasks have higher priority than macrotask queue callbacks. The macrotask queue callback that was just executed could have added more microtasks!
      1. If the microtask queue is non-empty, process them as per the previous step.
      2. If the microtask queue is empty, the next macrotask queue callback is processed. This repeats until the macrotask queue is empty.
5. This process continues indefinitely, allowing the JavaScript engine to handle both synchronous and asynchronous operations efficiently without blocking the call stack.

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