Sorry for another question, but here we go.
Given a set $X$, we write $k\{X\}$ for the $k$-algebra of $k$-valued functions on $X$, with the operations of pointwise addition, multiplication, and multiplication by scalars.
I don't understand this statement. Can anybody help me unpack it? What is it actually saying? What should I have in mind/what should be my intuition for working with the $k$-algebra of $k$-valued functions on $X$?
It means really just what it says; $k$ is a field (or maybe just a ring), and $X$ is a set, and we give the name $k\{X\}$ to the set $$\{\text{functions }f:X\to k\}$$ and give it operations: for $f,g:X\to k$ and $\lambda\in k$, we define $$(f+g):X\to k\qquad\text{defined by}(f+g)(x)=f(x)+g(x)\text{ for all }x\in X$$ $$(f\cdot g):X\to k\qquad\text{defined by}(f\cdot g)(x)=f(x)\cdot g(x)\text{ for all }x\in X$$ $$(\lambda \cdot f):X\to k\qquad\text{defined by}(\lambda\cdot f)(x)=\lambda \cdot f(x)\text{ for all }x\in X$$