‘Substrate’ is the substance on which enzymes acts on.
Eg. Carbohydrase (enzyme) acts on carbohydrates (substrate).
Each enzyme has an active site on which the substrate binds to. The substrate has a shape that is complementary to the active site of the enzyme. The substrate binds to the enzyme to form an enzyme-substrate complex. Within the enzyme-substrate complex, products are formed which are then released from the active site of the enzyme.
‘Product’ is the substance formed after a chemical reaction.