I am not that well acquainted with commutative algebra, so that I am kind of struggling to understand the concept of "localizing a ring at a prime ideal."
For one thing I can say is that localizing alludes to a geometric meaning.
Can somebody clarify this concept from both perspectives: algebraic and geometric ?
Since a ring ( for example $\mathbb{Z}$ ) can contain many prime ideals, I presume that the introduced localization is not unique. Is this correct ? What are the consequences ? How then do you make a choice on picking up the most suitable prime ideal for the purpose of the localization ?
How do you procede in constructing such "localization" ?
Many thanks.