In general, a product is a good can be a physical object that instantly becomes yours to own once purchased (like an Apple iPhone) or it can be a service that results in a measurable change of state for the purchaser from the service provider (like getting your cracked iPhone screen fixed).
One thing to remember about products is that they can be tangible or intangible. A tangible product is generally a physical object that you can touch and perceive directly (a house, a car, a computer, etc.), but there are intangible products that you can perceive indirectly, such as an insurance policy.