Plasticity is the ability of a fat to soften over a range of temperature and be shaped and spread with light pressure
Shortening is the ability of fats to shorten the length og gluten molecules in pastry
Aeration is the ability of some fats to trap lots of air bubbles when beaten together with sugar
Emulsification either, keeping drops of oil or fat suspended in a liquid and preventing them from separating out; or keeping drops of water suspended in an oil or fat and preventing them from separating out