Meaning of “concession” - Learner’s Dictionary

concession

noun uk us /kənˈseʃən/
AGREEMENT [ C, U ]

something that you agree to do or give to someone in order to end an argument:

Both sides will have to make concessions.
BUSINESS [ C ]

a special right to use buildings or land or to sell a product in a particular area, or the place where that business takes place:

The company was given a concession to develop oil fields in the north.
LOW PRICE [ C ] UK

a reduction in the price of a ticket for a particular group of people such as students, people without a job, or old people

(Definition of “concession” from the Cambridge Learner’s Dictionary © Cambridge University Press)