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To find the product of \( \frac{3}{4} \) and \( \frac{1}{3} \), you multiply the numerators and the denominators together. So, \( \frac{3 \times 1}{4 \times 3} = \frac{3}{12} \). Now simplify that fraction by dividing both the numerator and denominator by 3, giving you \( \frac{1}{4} \). Voilà! This type of fraction multiplication has plenty of real-world applications! For instance, if you have \( \frac{3}{4} \) of a cake and you want to share it equally among 3 friends, calculating \( \frac{3}{4} \times \frac{1}{3} \) helps you determine how much cake each friend would get, which is \( \frac{1}{4} \) of the entire cake. Sweet math in action!