1. The problem is to evaluate $2^3$. 2. The expression $2^3$ means 2 raised to the power of 3, which is 2 multiplied by itself 3 times. 3. Using the formula for exponents: $$a^n = \underbrace{a \times a \times \cdots \times a}_{n \text{ times}}$$ 4. Substitute $a=2$ and $n=3$: $$2^3 = 2 \times 2 \times 2$$ 5. Calculate step-by-step: $$2 \times 2 = 4$$ $$4 \times 2 = 8$$ 6. Therefore, the value of $2^3$ is 8.