Put the Item up to eye level with your hand to Inspect what it is.
Items and recipes are mysterious to new players, and they shouldn’t feel the need to go ask what this or that is for every item. They should be able to pick it up and “Visually Inspect” It to learn what it is.
Personal twist (optional)
A worded description of the item when first found (Pick up wood, It reads “Wood”). Once the item has been interacted with, For example the player makes a campfire, the description reveals more uses once done (Makes campfire, Picks up wood, It reads "Wood: Uses: Campfire, ?, ?, ?)
I’m not sure what you’re thinking when you say description. If you mean a floating text bubble, it wont happen. I think something more fun like a guidebook/journal the player can write in would make much more sense, the writing mechanics would be lifted from this idea by myself.
Like Zeb said something with a book would make more sense give a more tactile thing that could be updated. It makes more sense that you have a book that as you experiment with some items you learn more about the, for example an entry on iron wouldn’t tell you the alloys it makes, but after you make some red iron that would be added to the journal.
An actual analyze skill would be cool but it only makes sense for it to be a skill that is high up on a skill tree and would be useful for getting information that would be hard to know even for a vet, such as more precise durability value, which could be a bar, and if we got a more interesting metal system it could give some kind of way to figure out the composite of the metal, such as showing something like a pie chart with ores and other stuff pointing to the slices.
I agree with your idea, more slick than just a text bubble. And like the other guy, Have the info pop in like No Mans Sky.