Factorial notation represents the product of all positive integers less than or equal to the given number. For example, 5! = 5 x 4 x 3 x 2 x 1 and 8! = 8 x 7 x 6 x 5 x 4 x 3 x 2 x 1. The document also provides examples of simplifying factorials without a calculator by using properties such as 5! + 4! = 6 x 4! and (k + 1)! + k! = (k + 2)k!.