1. The problem is to multiply the fractions $\frac{1}{3}$ and $\frac{1}{4}$. 2. The formula for multiplying fractions is: $$\frac{a}{b} \times \frac{c}{d} = \frac{a \times c}{b \times d}$$ 3. Applying the formula: $$\frac{1}{3} \times \frac{1}{4} = \frac{1 \times 1}{3 \times 4} = \frac{1}{12}$$ 4. So, the product of $\frac{1}{3}$ and $\frac{1}{4}$ is $\frac{1}{12}$. 5. This means if you divide something into 3 parts and take one part, then divide that part into 4 parts and take one of those, you have $\frac{1}{12}$ of the whole.