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A prize is an award
Award

An award is something given to a person or a group of people to recognize excellence in a certain field; a certificate of excellence. Awards are often signified...
 given to a person or a group of people to recognise and reward actions or achievements. Official prizes often involve monetary rewards
Money

Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main uses of money are as a medium of exchange, a unit of account, and a store of value....
 as well as the fame that comes with them. Some prizes are also associated with extravagant awarding ceremonies, such as the Oscar
Academy Awards

The Academy Awards, popularly known as the Oscars, are presented annually by the Academy of Motion Picture Arts and Sciences to recognize excellence of professionals in the film industry, including directors, actors, and writers....
s.

Prizes are given for a number of reasons: to highlight noteworthy or exemplary behaviour, and to provide incentives in competitions, etc.






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A prize is an award
Award

An award is something given to a person or a group of people to recognize excellence in a certain field; a certificate of excellence. Awards are often signified...
 given to a person or a group of people to recognise and reward actions or achievements. Official prizes often involve monetary rewards
Money

Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main uses of money are as a medium of exchange, a unit of account, and a store of value....
 as well as the fame that comes with them. Some prizes are also associated with extravagant awarding ceremonies, such as the Oscar
Academy Awards

The Academy Awards, popularly known as the Oscars, are presented annually by the Academy of Motion Picture Arts and Sciences to recognize excellence of professionals in the film industry, including directors, actors, and writers....
s.

Prizes are given for a number of reasons: to highlight noteworthy or exemplary behaviour, and to provide incentives in competitions, etc. In general, prizes are regarded in a positive light, and their winners are admired. However, many prizes, especially the more famous ones, have often caused controversy
Controversy

A controversy is a dispute, argument, discussion or debate featuring strong disagreements and opposing, contrary, or sharply contrasting opinions about an idea, subject, group or person....
 and jealousy
Jealousy

Jealousy typically refers to the negative thoughts and feelings of insecurity, fear, and anxiety that occur when a person believes an item of value is being threatened ....
.

Specific types of prizes include:

  • First prize, second prize, third prize etc.
  • Consolation prize: an award given to those who do not win an event but are deserving of recognition. (See also: parting gift
    Parting Gift

    "Parting Gift" is a song written by American singer Fiona Apple and recorded for her third album Extraordinary Machine . It was produced by Mike Elizondo and Brian Kehew and is the only song from Extraordinary Machine not to have been originally recorded during the Jon Brion-produced sessions....
    )
  • Booby prize
    Booby prize

    A booby prize is a joke prize usually given in recognition of a terrible performance or last-place finish. A person who finishes last, for example, may get a booby prize such as a worthless coin....
    : typically awarded as a joke or insult to whoever finished last. See wooden spoon (award)
    Wooden spoon (award)

    A 'wooden spoon' is a mock or real award, usually given to an individual or team which has come last in a competition, but sometimes also to runners-up....
    .
  • Purchase prize or acquisition prize: a monetary prize given in an art competition in exchange for the winning work.


See also

  • Medal
    Medal

    A medal is usually a coin-like sculpted object of metal or other material that has been engraved with an insignia, portrait or other artistic rendering....
  • List of prizes, medals, and awards
    List of prizes, medals, and awards

    A list of famous prizes, medals and awards including cups, trophy, bowls, badges, state decorations etc....
  • Prize money
    Prize money

    Generally, prize money or purse is a money prize awarded for winning or coming a place in a competition. Prize money also has a distinct meaning in naval warfare; it was a monetary reward paid out to the crew of a ship for capturing an enemy vessel....
    , monetary award that is given to someone after they have won a competition.
  • Prizes named after people
    Prizes named after people

    This is a list of prizes that are named after people.For other lists of eponyms see Lists of etymologies.*Abel Prize - Niels Henrik Abel...
  • NASA Grand Prize.