First, you don't need a different product for each country. You can localize the description. Second, yes, you can have only one 'product' at each price point and let the app describe the product. But then you lose some flexibility in being able to change the price of a product. You could have your app reference your website to get the description if that is an issue.
Topic:
App Store Distribution & Marketing
SubTopic:
App Review
Tags: