Automatically extend a list when adding a new data to another list

[JB]

Hi,
I could not find the solution to my problem in the questions asked so here
we go:

I have two lists, color and type:
Color:
Red, Blue, Green
Type:
A, B, C

From this I would like to create a third list showing me all combinations of
"color" and "type" (eg. RedA, RedB... =[color]&[type]).

I want the third list to be extended whenever I add a value to any of the
first two lists. Is this possible ? If yes, how?

Thanks in advance!
//Johan