Concessions are agreements made during negotiations where one party gives up something to reach a compromise. For example, in a business deal, a company might lower its price to secure a contract, while the buyer might agree to a longer commitment. This give-and-take helps both sides feel satisfied with the outcome. In everyday life, concessions can also be seen in situations like family decisions. If a child wants to stay up late, a parent might agree to it if the child promises to finish their homework first. This way, both parties make adjustments to meet halfway and maintain harmony.