All four fractions have the same numerator (1). When numerators are the same, the fraction with the largest denominator is the smallest.<br><br>
&bull; Compare denominators: 8, 2, 7, 4<br>
&bull; Largest denominator = 8<br>
&bull; So the smallest fraction is \( \frac{1}{8} \)<br><br>
Final Answer: \( \frac{1}{8} \)