[StyleShop] How does WP eCommerce actually work?

Hi all,

This is my first post. I am relatively new to WP and not averse to reading and researching. I just have a simple question and if someone could point me in the right direction I would be appreciative.

I am using a theme from Elegant Themes which utilises the WooCommerce plugin. This is my third WP installation but first using a sales platform.

I am looking for guidance on how it actually works.

Am I right in saying that

1. Each product to be sold is an individual blog post with a buy button?
2. Those blog posts can be promoted to the front page as featured posts?
3. I can style each individual page/product page however I like?

Is that how it works in principle? I create a series of blog posts which look like individual product displays.

Sorry for such a basis/beginners posting. I am used to simple static websites and still learning the flexibility of the WP platform.