What is the difference between 1/100 and 1/500?

Could you please explain to me the distinction between the fractions 1/100 and 1/500? I'm trying to grasp the concept of how these two fractions differ from each other. Could you break it down for me in a way that's easy to understand? For instance, how do their values compare? And how would you represent them visually, say, on a number line? I'm really curious to know the specifics of their difference and how it impacts their meaning and usage in mathematical contexts. Thank you for your help in clarifying this for me.