Concession (noun)

1. The act of giving in or allowing something.
2. The act of acknowledging that something is true or valid.

Origin:

From the latin word "concessio" meaning "granting" or "allowing".

Examples:

1. The company made a concession to the workers' demands.
2. The government made a concession to the opposition party.
3. The teacher made a concession to the student's request.
4. The company made a concession on the price of the product.
5. The lawyer made a concession on the point of law.