Name: _______________________ Store & Address:__________________________
The grocery store could be seen as an example of the market economy in practice. Goods are sold by a firm and
households exchange monetary currency for goods. Grocery stores in turn, employ many individuals from
households to work in the stores and the production of their products.
Imagine that you have a food budget of $40. Think about how much you expect each item to cost and fill out
the table. Next visit any grocery store and check out the prices of these items. Finish the chart
**** Write down which store and where you visited.
Good Predict Price Reality Price Which brand? (You can only use generic once)
1 Dozen of Eggs
1 lb of ground beef
1 gal. of milk
1 can of corn
5lb bag of rice
12 cans of Coke or Pepsi
5lb bag of sugar
20 oz bag of salt
36 oz coffee
1 loaf of bread
1 dozen tortillas
1 head of lettuce
1. Did you have enough money for all the goods? Why or why not?
2. Did your quantity demanded change based on any of the real prices?
3. 3 for each: Which goods would you consider:
4. Which prices were you most surprised by when you visited the store and why?
5. How might comparison shopping change your buying habits?
6. If you had a child, how would your demand change? What substitutions would you make?
monopolistic competition or oligopoly Perfect Competition