Here we have a product that I have set to a stock level of 1.
From the customers point of view they can still add the product to their basket, however this will be the last one until I restock.
I have configured the Inventory Settings (Products -> Product Settings -> Inventory) to not allow the product to be added and given it some custom text
Changing the Stock Level to 0, you will now see in the product list that there is an x on the product icon and the stock Level has changed to 0 in the main list
When a customer views the product the “Add to shopping basket” button has disappeared.