Prize prize is an award to be given to a person , a group of people like a sports team , or organization to recognize and reward actions or achievements. Official prizes often involve monetary rewards as well as the fame that comes with them. Some prizes are also associated with extravagant awarding ceremonies, such as the Academy Awards.incentives for improved outcomes and competitive efforts. 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 and jealousy . Booby prize: typically awarded as a joke or insult to whoever finished last. : an award given to those who do not win, but still recognized. Hierarchical prizes, where the best award is "first prize", "grand prize", or "gold medal". Subordinate awards are "second prize", "third prize", etc ., or "first runner-up" and "second runner-up", etc., or "silver medal" and "bronze medal". *On game shows in the UK , the term is "star prize", while in Australia, it is "major prize". Purchase prize or acquisition prize: a monetary prize given in an art competition in exchange for the winning work .
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