Yes. During the process of adding new products, you have to add a Product Name and the price at which customers can buy the item (Cost Price). As standard, you can also submit additional information such as Manufacturer, Internal SKU, Manufacturer SKU and a retail price.
Each product has these different data options assigned to them to allow the various systems interact with each other. This doesn't stop you from adding supplemental information such as EAN, ASIN, MPC, UPC, ISBN, JAN, etc.