The Product Status field sets the current state that the product is in and how your product appears or doesn't appear to your website visitors.
For Sale:
The default status is for products to be For Sale. This allows the product to be purchased and pricing details are visible.
Hidden:
If you want to remove a product temporarily from your website, set the status to hidden. This will hide the product from being visible to any of your end-users. (People viewing the website who aren't logged in to dashboard).
Out of stock:
This status is similar to Sold where the product can't be purchased but shows a sold out label. Indicating that the product may come back in stock.
Sold:
Similar to Out of stock, Sold doesn't allow the product to be purchased but indicates that it was sold.
Catalogue Only:
Is a way to display products and pricing but without letting the customer purchase the product. Please note if you wish to turn your entire store into a catalogue only this can be done from the Store Preferences. Also setting the price to 0.00 will hide the price of the product from showing when either an individual product(s) are in Catalogue only or the entire store is Catalogue only.