This document contains a grocery shopping list with predicted prices and space to fill in actual prices found during a visit to a specific grocery store. It asks the student to reflect on whether they had enough money according to their budget, if any quantities demanded changed based on real prices, which goods fall under different market structures, which prices surprised them and why, how comparison shopping may impact future buying habits, and how demands may change and substitutions be made if shopping for a child.

1. 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 $50. 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:
monopolistic competition or oligopoly
Perfect Competition
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?