Product and services are the two primary components of any business that are offered to customers in exchange for their payment. Products refer to tangible items that are sold to consumers, while services refer to intangible actions or efforts that are provided to consumers in exchange for payment.Products are physical goods that are designed to meet the needs and wants of customers. They can range from everyday items like clothing, food, and household appliances to more specialized products like industrial machinery, medical equipment, and automobiles. Products can be mass-produced or customized to meet the specific needs of individual customers.