Privilege 
A privilege defines the SQL statements permitted for a database object.
Users may only implement SQL statements on database objects for which they have been granted privileges. When a user creates a database object, this user then automatically becomes the owner of the database object, and is granted all privileges for this database object.
The owner of an object can grant privileges for this database object to other users; the database systems does not grant any privileges implicitly. Other users can only grant privileges for a database object when they themselves have been granted these privileges and have permission to grant these to other users.
See also:
SQL Reference Manual,
GRANT Statement (grant_statement)
REVOKE Statement (revoke_statement)