what does concession mean

The word "concession" generally means the act of conceding or yielding something, such as a right, privilege, or point in an argument. It often refers to giving up something or doing something in order to reach an agreement or end a disagreement. For example, a company might make concessions to striking workers to settle a dispute, or a political candidate might concede an election defeat by making a concession speech. Concession can also mean something allowed or granted, such as a special right or privilege, or a reduction in price offered to a particular group of people.