This report discusses and compares the emerging theories and models of 21st century contemporary economics with those of the 20th century, and relates them to modern business practices. It explores the shift towards customer-focused marketing strategies and the changes in leadership styles. The report also highlights the differences between the two centuries in terms of economic disparities and the pursuit of competitive advantage. Overall, it concludes that modern businesses are more efficient and inclusive, with a focus on innovation and earning a high competitive edge.