“I give up. What color is it?”
You are playing a guessing game with your children. They think of a color and you have to guess which color it is. You make 3 guesses but don't get the right answer. You want them to tell you the answer, so you say this.
I give up. What color is it?
The statement, "I give up," is an announcement that you make when you want to quit doing something.
When you "give up", it means that you quit a game and accept that you lost. This can be used for other situations aside from games as well. For example, you can use it to describe debates:
We argued for a while about what restaurant to go to, but I finally just gave up and let him decide.
"Give up" is similar to "quit", but giving up is more about your feelings and motivation, while quitting is an official action that you announce to people.