Electrical conductivity \( \sigma \) is defined as the reciprocal of resistance \( R \):
\[
\sigma = \frac{1}{R}.
\]
Given the resistance:
\[
R = 500 \, \Omega,
\]
we calculate the conductivity as:
\[
\sigma = \frac{1}{500} = 0.002 \, \Omega^{-1}.
\]
This means the material has a conductivity of \( 0.002 \, \text{siemens} \) (since \( \Omega^{-1} \) is equivalent to siemens), indicating how easily electric current can flow through it.