You can edit text information of a paragraph directly on the page just by clicking on it as in any text document.
Alternatively select the paragraph, then click on the Paragraph Properties button . This will launch the Paragraph Wizard and allow you to edit the main paragraph fields.
If you click on the small triangle next to the Paragraph properties button you get access to the other wizards which allow you to extend the functionalities of a paragraph.
Note: the same applies to editing images which were added as paragraphs and products added as paragraphs, although they use different Paragraph Properties icons .