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In general usage, product may refer to a single item or unit, a group of equivalent products, a grouping of goods or services, or an industrial classification for the goods or services.
In manufacturing, products are purchased as raw materials and sold as finished goods. In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise.
Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market.
Since 1575, the word “product” has referred to anything produced. The verb produce (prə doos’ or -dyoos’) is from the Latin prōdūce(re), (to) lead or bring forth. Since 1695, the word has referred to “thing or things produced”.
The noun product (prod’əkt or-ukt) is “a thing produced by labor or effort”. The economic or commercial meaning of product was first used by political economist Adam Smith.
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