CONCESSION Meaning and
Definition
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A concession is a noun that refers to an act of granting or giving something to someone, often in response to a request or negotiation. It involves yielding or compromising, usually to reach an agreement or settle a dispute. It can also imply a partial surrender or acceptance of an opposing viewpoint or position.
In business, a concession often describes a right or privilege granted by a company or government to operate a particular service or business activity. For instance, a government may grant a concession to a private company to build and operate a toll road for a specified period of time. In this context, the company is allowed to collect toll fees and make profits while taking on the responsibility of maintaining the road.
The term "concession" can also be used to describe a physical location or space rented out by an organization, such as a vendor selling goods in a stadium during an event.
In everyday conversation, a concession can also refer to an acknowledgment or admission made during an argument or debate, where one person admits that a certain point or argument made by the opposing side is valid or reasonable. By making a concession, individuals show willingness to compromise or find common ground in order to reach a mutually satisfactory outcome.
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The act of yielding or conceding; the thing yielded; a grant; acknowledgment by way of apology.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
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Etymology of CONCESSION
The word concession originated from the Latin word concessio, which comes from the verb concedere. Concedere is formed by the combination of con-, meaning together, and cedere, meaning to go or to yield. Thus, the literal meaning of concession in Latin is to go together or to yield together.
Similar spelling words for CONCESSION
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