A multiplicand is the number that is being multiplied, while a multiplier is the number by which the multiplicand is multiplied. For example, in the equation 4 x 5 = 20, 4 is the multiplicand and 5 is the multiplier. The product is the result of multiplying the multiplicand and the multiplier. The order of the multiplicand and multiplier does not matter in multiplication, as the product will be the same regardless of the order.