Describe the Basic Assumptions of the Dynamic Capabilities Model

question 15

Essay

Describe the basic assumptions of the dynamic capabilities model.

Understand the difference between fixed and variable overhead costs and their impacts on product costing.

Analyze the components of the predetermined overhead rate (fixed and variable components).

Calculate and understand the concept of underapplied or overapplied overhead.

Understand the process of applying overhead to products and its effect on product cost.

---

Definitions:

Postindustrial Revolution

Refers to the technology-driven shift from manufacturing to service industries and the consequences of that shift for virtually all human activities.

Harriet Martineau

A British social theorist and writer who is often considered the first female sociologist for her significant contributions to the field.

Latent Functions

Refer to the unconscious or unintended consequences of social processes, beneficial for the smooth operation of society.

Sociology

Sociology is the study of social life, social change, and the social causes and consequences of human behavior.