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Uncle
Jed's Barbershop by Margaret King Mitchell Summary: Concept: Savings Definition: Savings is the part of a person's income that is not spent for goods and services or used to pay taxes. Comprehension Questions: What was Uncle Jed's dream? (He longed to open his very own barbershop. He wanted to be an entrepreneur.) Did he provide a good or a service? (He provided a service by cutting people's hair.) How did he plan to achieve his dream? (He planned to save up enough money for the shop through cutting people's hair.) What were the obstacles/setbacks that he faced? (He had to use part of his savings to pay for Jean's operation. He also lost all his savings when there was a bank failure during the Great Depression.) What was Uncle Jed's opportunity cost when he used his savings to pay for Jean's operation? (The opportunity cost of making the choice to pay for Jean's operation was the delay in having his own barbershop.) How did he face these setbacks? (He never gave up. He persisted and continued to cut people's hair until he was finally able to save up enough money to invest in the building and equipment for a barbershop. He had the spirit of entrepreneurship.) What capital resources did Uncle Jed buy with his savings? (He used his savings to buy a barber shop building, barber chairs, decorations for the shops, barber's tools, etc.) Other
Concepts: Goods and Services,
Entrepreneur, Opportunity
Cost, Investing,
Capital
Resources.
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