1. **State the problem:** Evaluate the expression $10^3$. 2. **Recall the definition:** $10^3$ means $10$ multiplied by itself $3$ times. 3. **Write the multiplication:** $$10^3 = 10 \times 10 \times 10$$ 4. **Calculate step-by-step:** $$10 \times 10 = 100$$ $$100 \times 10 = 1000$$ 5. **Final answer:** $$10^3 = 1000$$ This means $10$ raised to the power of $3$ equals $1000$.