Product concept.

A product in

business concept can be a tangible good or intangible service which may satisfy a need or desire of a person. There are various names which can be used in alternate to product like in retailing products are known as merchandises. Consumers usually name them as commodities. Manufacturing companies make these products and they are made by converting raw material into finished goods. In the 16th century, a newly produced item was referred as "product". In 17th century, the name "product" was given to "things produced". Adam Smith first gave the concept of products in the economy.