An organization is a top-level container in Apigee Edge. It contains all your API proxies and related resources.
An API product bundles resources (such as API proxies) in order to provide a specific level of access and functionality for client app developers.
Within an Org, we can have multiple environments.
Within an org, we can create multiple Products & an option to select which environment(s) it supports.
Have a look at this post about Products.