What is the difference between part, product and component in assembly workbench

What is the difference between part, product and component in assembly workbench

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Do you know what does "assembly" mean?
A: Component or end item comprising of a number of parts or subassemblies put together to perform a specific function, and capable of disassembly without destruction.

In catia,
part = part file (creates new empty file in assembly workbench)
product = assembly file (creates new empty file in assembly workbench)
component = grouping (think this you have bolt, washer and nut. you can make a component this 3 item and you can use it every same hole connection.)

And component items do not appear in the bill of materials.

 
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Product can be saved as a separate document and it can in be used in other assy.
Component cannot be saved as a separate document and it cannot be used in other assembly.

 
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