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For Mid and Lo slots, there are many options for equipment. These may be vary different devices - armor enhancers (armor plates), shield enhancers (shield boosters), extra batteries (power boosters), scanners, repair devices, shield extenders, CPU boosters, sensors (sensor arrays), sensor scramblers, targeting disruptors, countermeasure devices, all kinds of modifications of armor, etc.
Using any device in these slots also requires the necessary skills, and consumes the powergrid,  Capacitor, and CPU. Low-slot devices are placed in any Low slot, and the same for Middle-slot devices - any Mid device can be placed in any Mid slot. Only very large ships are able to install a large number of devices, but still not a single ship can set all the devices of each class.
It's recommended that you first learn the necessary skills, and then later buy the device for the vehicle. You also need to clearly balance the time it takes for getting the money to buy the equipment you want, and the time it takes to learn the skills for the devices. It's optimal when immediately after learning a skill, you can immediately buy and install the corresponding equipment.
To avoid possible mistakes, read carefully the description of all items before you buy. Otherwise you may face the unpleasant situation when some expensive equipment remains useless for many days, until you learn the necessary skills, or when the resources of the ship are not sufficient for using the equipment.