WAEC Commerce 1997 Theory question 101

Any five, explained: links producers and consumers – distributes goods to where they are needed; makes goods available at the right time (warehousing) and place (transport); creates employment for traders, transporters, bankers, insurers and others; raises the standard of living by giving people a variety of goods, including foreign goods; encourages specialisation and large-scale production by widening the market; earns foreign exchange and revenue for government (taxes, duties); provides finance through banks and the capital market; reduces risks through insurance; spreads information through advertising and communication; promotes international understanding and co-operation through foreign trade.

Each point needs a sentence of explanation.