Is it possible to have a total number of units and have it reduced as the form is submitted?

Is it possible to have a total number of units (say 5) and have it reduced as the form is submitted? For Example:

5 Units to start
Person 1 selects and submits 1 and now there are only 4 for the next person
Person 2 selects and submits 3 and now there are only 1 for the next person

I know something similar can be done using the calculation widget, but not sure if this can be done exactly like this.

There are widgets that automatically do this. 

You can check them here https://widgets.jotform.com/search/registry

The commonly used is Quantity Registry widget https://widgets.jotform.com/widget/quantity_gift_registry 

and 

Inventory widget https://widgets.jotform.com/widget/inventory

You can test this demo form https://form.jotform.com/61471146729964

Upon submission, the quantity should diminished.

Hope this help. Let us know if you need further assistance.

That does help, thank you.

On behalf of my colleague you're welcome.

Cheers!