It means 1 over 103
So, 10-3 = 1/1000
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3 times 10 to the 8th power divided by 7 times 10 to the negative 7th power equates to: 4.28571428571
50 x 10-3 = 0.05
5.0 × 10-3 is 0.0050
1/1000
10 to the power 3 means 10*10*10, or 1000 10 to the power MINUS 3 means 1 over 10 to the power 3, so 1/1000.