reduction
means to reduce something. So that it is less than it was.
gain reduction
means that the amplitude or volume of the signal has been reduced.
The amount
of gain reduction can be measured in dB. so if the input to a compressor was +10dBu, and
the output was +8dBu there has been a 2dB gain reduction.
High and low gain
reduction refers to the number of dBs of gain reduction.. so 2dB gain reduction would be
considered low gain reduction, and 10dB might be considered to be high gain reduction.
(the numbers are not absolute, only used as example)