I'm not sure if this was supposed to teach its preschool audience anything, but I guess it taught a basic memorization skill: repetition. I leaned how to remember alright - I repeated a loaf of bread, a container of milk and a stick of butter over and over like a rhythmic mantra, even days after. I didn't know what a container was yet at that age, so I kept saying "a potato milk" until my dad explained the word (so in effect, I also learned a new word from this animated short).
Apparently a lot of other kids my age were similarly hypnotized by a loaf of bread, a container of milk and a stick of butter, that it also stuck to their minds over three decades later.
Take a look at this shirt design inspired by the Sesame Street segment. Clever. ^_^