A "widget" is a generic term used to describe a small gadget or mechanical device, often used in manufacturing or technology. It can refer to any product or component that is not specifically named, making it a placeholder for various items in discussions or examples. In business and economics, widgets are often used in hypothetical scenarios to illustrate concepts like production, supply, and demand. For instance, when discussing the market for a new product, a company might use widgets to represent the items being sold without focusing on a specific brand or type.