Prefixes and suffixes are word parts that can be added to the beginning or end of root words to change their meaning. Prefixes come before root words, while suffixes come after. Some common prefixes are "im-", "in-", "bi-", "non-", and "dis-", while common suffixes include "-er", "-or", "-less", and "-able". In the story, Randy's bike tire was flat so he couldn't make it to his soccer game, but his brother Jake let him use his bike instead.