True, it's a convention so that things work nicely. As Quantum pointed out it's the product of no numbers and this can be a useful concept in certain problems (similairly like x^0=1 for all x besides 0). Say for example I have the number 10, and i want to multiply it by the first 3 consecutive numbers, I get 10*1*2*3. If i want to multiply it by the first n consecutive numbers I get 10*n!. But if i want to multiply it by no numbers(0 numbers) the number won't change, still be 10, hence it has the same affect as multiplying by 1. Also, it makes the binomial formula work well and things like that since there are is only one way of choosing nothing( similairly because there is only one way of choosing what not to choose in order to choose nothing).