In this lesson, students learned how to convert fractions into decimals and percentages, as well as how to find fractions between two given fractions, such as between 1/2 and 1/3. The instructor demonstrated the process by converting 1/2 to 50% and 1/3 to approximately 33%, offering examples like 2/5 and 12/25 as fractions between them. He also introduced different methods to work with fractions, setting the groundwork for an upcoming session on the addition of fractions.