What is the value of $\left(1 - \frac{1}{2}\right)\left(1-\frac{1}{3}\right)\left(1-\frac{1}{4}\right)\left(1-\frac{1}{5}\right) \dotsm \left(1-\frac{1}{50}\right)$? Express your answer as a common fraction.
After the subtractions are performed, each fraction in the pattern has a numerator that is one less than its denominator. The product then reduces quite nicely, leaving just the frst numerator and the last denominator, as follows: $\frac{1}{2}\times\frac{2}{3}\times\frac{3}{4}\times \cdots\times\frac{49}{50} = \boxed{\frac{1}{50}}$.