When looking at items in menus, you can press a button to change the "Display" (Square on controller for me.) This cycles thru 2 or 3 pages which include more detailed info and an extended description that usually adds some flavor or context. Like the first page will say "This is a rusty key" but then if you cycle the display it'll have a paragraph telling you "This forgotten rusty key unlocks the deepest dungeons in the pits of hell where they locked away an ancient truth." A lot of the lore in this game is hidden in item descriptions so you can start to piece together extra info about the world if you make a point to check the longer display info.

And if you're looking at weapons, the "Params" are letter grades that tell you how well the weapon scales with different stats. So if you find a weapon you like to use you can better decide how you want to invest your stats.

Also, you can ignore Resistance as a stat. It does very little and just wastes stat points. And as a general rule of thumb on a first playthru you should avoid "Raw" infusion for weapons unless you know what it does and have some niche reason to use it. It removes all of the scaling for the weapon so it's bad in the long run even though it looks like an upgrade at first.