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LESSON: UNCLE JED’S
BARBERSHOP
Lesson Summary
Sarah
Jean's Uncle Jed has a dream. He saves his money and lives for the
day when he can open his very own barbershop. But it is a long time,
and there are many setbacks before the joyful day when Uncle Jed
opens his shiny new shop.
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. | 
