Exponentiation in general follows the following rules:
For all nonzero $x$
- $x=x^1$
- $x^a\cdot x^b = x^{a+b}$
- $x^0 = 1$
From these basic properties, we can see several things:
- $x^{-1}\cdot x = x^{-1}\cdot x^1 = x^0 = 1$ so $x^{-1}$ is in fact the multiplicative inverse of $x$
- $x^n = x\cdot x^{n-1}$
- $x^n = \underbrace{x\cdot x\cdots x}_{n~x\text{'s}}$ for a natural number $n$
- $x^{-1}=\frac{1}{x}$ since multiplicative inverses are unique.
- $x^{-a} = \frac{1}{x^a}$
- $(x^a)^b = x^{a\cdot b}$
For defining the exponentiation function for $x^n$ where $n$ is an integer, we can use the third result I listed above to relate it to multiplication and the fifth result if it were negative to simplify it first. For using exponents that are not integers, it requires a more careful definition, such as what Omnomnomnom provided in his answer.
A short example that uses several of these properties:
Simplify the following expression: $$\frac{2^3\cdot 3^1\cdot 2^1}{2^{-1}\cdot 3^1}$$
Answer: $2^{5}=32$