While I have been provided a proof for the previous statement, I still cannot fully grasp why the euclidian metric [ $d(x,y)=((x_1-y_1)^2+...(x_{n}-y_{n})^2)^{1/2}$] generates the same topology as the product topology.
I'm requesting a description for the basis elements for the product topology, as well as an alternative definition from those provided in wikipedia and Munkres' topoology. I do not understand how it is constructed, and why it generates the same topology as the euclidian metric.
Dont't think of finest or coarsest topologies with certain properties. Instead just look at the problem in an intuitive geometric way.
Given that the topology on ${\mathbb R}$ is "generated" by open intervals $\ ]a,b[\ $ the product topology on ${\mathbb R}^n$ is generated by open boxes, i.e. cartesian products $\prod_{i=1}^n\>]a_i,b_i[\>$ of open intervals. A set is open, if it is the union of such boxes. Since any finite intersection of such boxes is (empty or) again such a box it follows that we have indeed a topology on ${\mathbb R}^n$.
In order to prove that this topology coincides with the topology coming from the euclidean metric it is sufficient to show that any euclidean neighborhood of any point $p$ (it is sufficient to consider $p=0$) is also a box neighborhood of $p$, and vice versa.
I'll do one half of the proof for you: Given an euclidean neighborhood $U$ of $0$ there is an $\epsilon>0$ such that $0\in U_\epsilon(0)\subset U$. The open box $$B:=\left\{x=(x_1,\ldots, x_n)\>\biggm|\>|x_k|<{\epsilon\over\sqrt{n}} \ (1\leq k\leq n)\right\}$$ is a neighborhood of $0$ with respect to the product topology. For each $x\in B$ one has $|x|^2<n{\displaystyle{\epsilon^2\over n}}$, or $|x|<\epsilon$. This shows that in fact $$0\in B\subset U_\epsilon(0)\subset U\ ;$$ in other words: $U$ is also a neighborhood of $0$ with respect to the box topology. Since $U$ was arbitrary we are done.