It is meant as for arbitrary vectors. So especially for basis vectors, too, if you like. In coordinates, it would be some equivalence classes of tensor products, but I don't know how to press this equivalence relation into coordinates. It means basically that the wedge-product or better exterior product is a tensor product, but some tensors are considered to be equal, because the relations below have to be met.
If we have a vector space ##V## over a field ##\mathbb{F}## in which ##1+1 \neq 0## holds, then for ## a,b,c \in V## and ##\lambda \in \mathbb{F}## the following is true:
- ##(a+b) \wedge c = a\wedge c + b \wedge c##
- ##\lambda (a \wedge b) = (\lambda a) \wedge b = a \wedge (\lambda b)##
- ##a \wedge (b \wedge c) = (a \wedge b) \wedge c##
- ##a \wedge a = 0##
- ##a_1 \wedge \ldots \wedge a_n \wedge b_1 \wedge \ldots \wedge b_m = (-1)^{nm} b_1 \wedge \ldots \wedge b_m \wedge a_1 \wedge \ldots \wedge a_n##
The first two are called linearity, which together with the fifth becomes multi-linearity (linear in all "factors"), the third one is associativity, the fourth is a special case of the fifth together with the fact, that ##1+1 \neq 0##, which is said as the characteristic of ##\mathbb{F}## is not two, and the fifth alone can be called graduated commutativity, i.e. it determines what happens, if we change the order of "factors". I don't know how to put the formulas in other English words as their names are.
Perhaps you want to read the Wikipedia entry on it:
https://en.wikipedia.org/wiki/Exterior_algebra