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How does an operating system allocate bandwidth to different processes?

For example, consider that I am running a BitTorrent client and streaming a video on YouTube. Let's suppose my bandwidth is x kbps. How does the operating system decide that my torrent client will consume a higher bandwidth than say Firefox which is streaming the video?

So the question is, what makes one process preferential over the other when bandwidth has to be allocated by an operating system. Cause I have seen this happen lots of times and mostly the distribution is not uniform.