concession

Definitions

General English

  • noun the act of allowing someone do something you do not really want them to do

Accounting

  • noun the right to use someone else’s property for business purposes
  • noun the right to be the only seller of a product in a place
  • noun an allowance, e.g. a reduction of tax or price

Economics

  • The term used in GATT negotiations for a country's agreement to bind a tariff or otherwise reduce import restrictions, usually in return for comparable "concessions" by other countries. Use of this term, with its connotation of loss, for what economic theory suggests is often a source of gain, is part of what has been called GATT-Speak.

Human Resources

  • noun the act of allowing something to be done, which is not normally done

Politics

  • noun an agreement that someone is right, or an agreement to give something which someone wants

Travel

  • noun a reduced fare or entrance charge given to particular people such as employees or retired employees of the transport company
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