To provide access rights to a model in v7 , First of all you have to create group. For that, Goto Settings > Users > Groups create a new group.

before saving the new group, you can see 7 tabs in the form view. In that, there is a tab named Users. Add your user under that tab in which you wish to perform your above task. Then Select the tab names Menus. Select all the menus in which together shows the product menu. For Example, if you wish to show Products that comes under Warehouse menu. Put the Menus Warehouse, Warehouse/Products and Warehouse/Products/Products.

Then the last step is to add the access rights for the user which is under the Users tab, For that, Select the Access Rights in the group form view, Then Select Add an Item to provide the access rights for your model. here it is product.product.

On clicking Add an Item you can see 6 columns Object, Read access, write access, create access delete access and Name. in object column, which is a selection field select product in that column, then check read acesss and rest of the other should remain unchecked.

Then provide a meaningful name Give Product as the name. and then save the record. Login your srever as that user and you can see the result.