Let's solve the equation step by step:

Given equation: $y = \frac{1}{2}(-8) - 3$

1. Multiply $\frac{1}{2}$ by $-8$: $\frac{1}{2} \times -8 = -4$

2. Subtract 3 from $-4$: $y = -4 - 3 = -7$

So, the value of $y$ is $-7$.

Would you like more details on any part of this process? Here are some related questions to think about:

1. What happens to the equation if you change $-8$ to another number?
2. How would you solve a similar equation with different fractions?
3. What is the general approach to solving linear equations like this one?
4. How does changing the sign of a number inside the parentheses affect the result?
5. What is the significance of each operation in the context of solving linear equations?

Tip: Always follow the order of operations (parentheses, exponents, multiplication/division, addition/subtraction) when solving equations to ensure accuracy.