Science, together with technology, deals with studying things and having a deeper understanding of them. The most basic things are the most complex to analyze and interpret. Several studies of different fields are required just to simply explain the most basic concepts. These studies require a number of instruments or devices to further gather information about the thing being analyzed. Because of these some discoveries are accidentally produced and some inventions are born.
Economics, on the other hand, deals with the wants and needs of humans. This field simply revolves around the concept of supply and demand. From these, theories are formulated to suffice and satisfy the wants and needs of man. When a certain need or want is traced there will now be an idea to produce a product or a method to address such need or want. Although people always say and see that there is something new or there is a new invention, oftentimes it is simply just innovation used at its full potential.
Along with science, economics could give birth and/or transform the daily lives of humans. From the most complex experiments to the most basic household chores. A good example of this is how the company of Rainbow gave birth to their product, the rainbow vacuum. Combined with new technology on the vacuum’s filtration system, Rainbow addressed the key problem with the invention and use of the average vacuum. The vacuum we used to know had its own flaws, but with the new rainbow vacuum the holes on average vacuum’s performance were patched up. Through its new filtration system families would be overwhelmed by its amazing performance and would make lives a whole lot easier. This new technology was put into good use to address a need that people almost never knew about. Thanks to Rainbow, household chores had just never been this simple and easy.