Completely new to fishing , chose this rod at the store . I’m not sure exactly what the specs on it mean

I’m 23 just starting to get into fishing and I’m really liking it . But all the specs listed I don’t get what they mean or what good this specific rod is good for

Specs • USCBSP701
•7’0”• medium light fast• 1/8 1/2oz lure• 6-10 line