If $\{V_i\}_{i\in I}$ is a family of vector spaces over $F$ with basis $B_i$ for each $V_i$, then there is a vector space $\prod_i V_i$ over $F$, called the direct product of $V_i$'s; its definition involves a certain universal property in terms from projections from it onto $V_i$'s (see this wiki)
Since every vector space has a basis, $\prod_i V_i$ has so.
Q. Can we obtain basis a of $\prod_i V_i$ from given basis $B_i$ of each $V_i$?
I am not too familiar with Category theory; please explain in as elementary fashion as you can, so that this will be also accessible to undergraduates; I want to explain this in my Linear Algebra course to undergraduates, and my aim is to introduce maximum number of advanced concepts of other areas of mathematics from starting point in Linear Algebra.
Assuming index set $I$ is infinite, the answer is roughly no, as the axiom of choice is needed to describe the basis for an infinite direct product of vector spaces.
Consider a minimal example, the countable infinite product $\prod F_2 = F_2 \times F_2 \times \ldots $, where $F_2$ is the field of characteristic two. Every element of this infinite product can be realized as a binary sequence. A basis is such that every binary sequence can be written as a finite sum of the basis elements. This amounts to finding basis elements that describe all possible "tail" behavior of binary sequences. You can show, by contradiction, that such a basis cannot be countable.