Answer by janh for Get Term names from WP Term Object

Sound like a strange thing to do, but I've seen stranger requirements, so I trust you have a good reason for that.

$names = array();$slugs = array();$terms = get_terms(array('taxonomy' => 'product_cat','hide_empty' => false,));foreach($terms as $term) {    array_push($names, $term->name);    array_push($slugs, $term->slug);}

Will create those two arrays. Note that I've renamed the variable you called $taxonomies as it's confusing to name it after one thing when it contains another (in this case it will contain terms, not taxonomies).