concession Definition

concession
noun

1. The act of conceding.
2. Something conceded or allowed.
3. The right, granted under government licence, to extract minerals, etc in an area.
4. The right to conduct a business from within a larger concern.
5. A reduction in ticket prices, fares, etc for categories such as students, the elderly, the unwaged, etc.

Derivative: concessionary
adj

Involving or obtained by a concession, especially a reduction in price.
Example: concessionary fares for students

Derivative: concessive
adj

Etymology: 17c: from Latin concessio yielding, from concedere to concede.