Prefixes and suffixes are elements that can be added to words to modify their meaning. Prefixes are added at the beginning of a word, while suffixes are added at the end. Some common prefixes include anti-, bi-, co-, dis-, ex-, in-, mis-, non-, out-, over-, pre-, sub-, super-, un-, and under-. Common suffixes include -s, -ed, -ing, -'s, -er, -est. Suffixes can indicate a word's part of speech, like -er, -or, and -ee for nouns referring to people. They can also change a word's part of speech or add grammatical information.