To alter a 'Products Status', from the store dashboard go to:
> Products > All Products

From within this page find the 'Product' that you'd like to alter the 'Status' of, either by scrolling through or searching for it via the search box in the top right:

Once you've found the product, hover over it with your cursor and click 'Quick Edit':

Within this 'Quick Edit' menu, to the right hand side of the title 'Product Categories', you can open a dropdown menu labelled 'Status':

There are 3 options to choose from:-
1. Published - will publish the product to your store for all visitors to see
2. Pending Review - will remove the product from your store - *recommended so that you can later edit*
3. Draft - will remove the product from your store - *recommended if you wish to bring the item back at a later point*
(*Don't forget to click 'Update' after making alterations*)