Syntax: equipment Syntax: inventory Syntax: inventory bag Syntax: inventory full Syntax: inventory [full|bag] <player>
EQUIPMENT lists the equipment you are presently using (armor, weapons, and held items). It is often abbreviated as 'eq'.
INVENTORY lists your inventory (things not worn or held). It is often abbreviated as 'inv'.
INVENTORY BAG lists all bags in your possession and their contents (and the contents of their contents, et cetera). INVENTORY FULL is INVENTORY BAG plus all unequipped items (bags and non-bags).
You begin the game with a small bundle of equipment. Be sure to check your inventory to see what you can wear or wield. WEAR ALL will equip all equippable items.
Equipment can become damaged over time. Often this damage can be reversed, depending on the composition of the material.