The fraction "1/500" represents one part out of a total of five hundred equal parts. It is often used in various contexts, such as measurements, probabilities, or statistics. For example, if you have 500 marbles and you take 1 marble, you have taken 1/500 of the total. In terms of percentages, "1/500" is equivalent to 0.2%. This means that if you were to express this fraction as a percentage, it would indicate that 1 out of every 500 items represents a very small portion of the whole. This concept is useful in fields like finance, science, and education.