What is the privilege or action that can be taken on a system called?

The term that refers to the privilege or action that can be taken on a system is called "User rights." User rights define what actions users can perform on a system, such as the ability to log on locally, access files, install software, and manage system settings. This concept is crucial in managing security within an environment, as it delineates the level of control and access that different users have, thus allowing for effective administration of user privileges.

The other terms listed also relate to security and access control but have distinct meanings. For instance, "Permissions" typically refer to the specific rights granted to a user regarding files and folders. "SACL" (System Access Control List) is a special type of access control list that is used to manage auditing and logging activities, while "DACL" (Discretionary Access Control List) specifies the permissions for objects to determine who can access them. However, it is the user rights that specifically outline what actions can be undertaken by users on a system level.