When a new content type is created in Drupal it is automatically given a title and body field. Now that I am defining my components for my feature to I have to select it as one of the components of the feature module?
... I always do. :) It should be no problem -- and if for some reason the field doesn't exist on the destination server it will then be created (the Minimal install profile for instance I don't think has the body field by default). If you look in /profiles/standard/standard.install you'll see it creates the fields and basic content types in code, eg:
// Around line 229 of standard.install where $type is // essentially 'page' or 'article'. node_add_body_field($type);