Definition of privilege

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  1. a right, immunity, or benefit enjoyed by a particular person or a restricted group of people beyond the advantages of most: the privileges of the very rich.
  2. the unearned and mostly unacknowledged societal advantage that a restricted group of people has over another group: white privilege based on skin color; male privilege; children of privilege.

a special right, immunity, or exemption granted to persons in authority or office to free them from certain obligations or liabilities: the privilege of a senator to speak in Congress without danger of a libel suit.

a grant to an individual, corporation, etc., of a special right or immunity, under certain conditions.

the principle or condition of enjoying special rights or immunities.

any of the rights common to all citizens under a modern constitutional government: We enjoy the privileges of a free people.

an advantage or source of pleasure granted to a person: It’s my privilege to be here.

Stock Exchange. an option to buy or sell stock at a stipulated price for a limited period of time, including puts, calls, spreads, and straddles.

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