what is a difference between the physical product, assembly, sub assembly, component, and part ?

Can you please provide the definitions of it and explain it with example please?

2 Answers

There is no such thing called "Physical Product" in SolidWorks...
That term is only used on the 3DExperience platform, whether it's xDesign, xShape, xSheetMetal or even SolidWorks Connected.
As for the desktop version, we just call our models: "Part".
Components are parts in assemblies.
Sub-Assemblies are assemblies in assemblies.
Assemblies are... self-explanatory.

A "physical product" isn't something that is CAD based, it is simply a tangible product; something you can hold in your hand, as opposed to a say, "conceptual product", that only exists on a sketch board, etc..

Component and Part are synonymous in most CAD systems.

The rest you should be able to figure out on your own.