To evaluate \((\frac{1}{2})^3\), you raise \(\frac{1}{2}\) to the power of 3.
This means:
\[ \left(\frac{1}{2}\right)^3 = \frac{1^3}{2^3} \]
Calculating \(1^3\) and \(2^3\):
\[ 1^3 = 1 \] \[ 2^3 = 8 \]
Putting it together, we have:
\[ \left(\frac{1}{2}\right)^3 = \frac{1}{8} \]
So, the answer is \(\frac{1}{8}\).