Instructor: Jennifer Beddoe. In mathematics, the term 'product' refers to the answer to a multiplication problem. This lesson will define the term in more detail and give some examples of how it is used.Then, there will be a quiz to test your understanding.he answer to this multiplication problem is the product, which in this case is 15. Here's another example. The classroom has 8 rows of chairs and each row has 7 chairs in it.