Privilege thresholds grants a community membership the ability to moderate itself. These numbers denote the minimum amount of user reputation required before the corresponding privilege is unlocked.
Reputation is gained when other users favourite posts that you have made.
Manage Content
Users with reach the "Manage Content" threshold are able to edit/delete other users' posts.
Manage Topics
Users with reach the "Manage Topics" threshold are able to edit, lock, pin, close, and delete topics.