Q : What is an asset ?
A : An asset is a representation of of a physical object. An asset has a unique identifier such as a serial number to specifically identify the physical entity. An asset could contain a product, components or multiple products containing their sub identities as a structure.
Q : What is a machine ?
A : The term machine may mean the same as an asset or product and as such differentiated from component(s) within the product or an asset.