A prize is an award given to a person or a group of people to recognise and reward actions or achievements. An award is something given to a person or a group of people to recognize Excellence in a certain field a certificate of excellence Official prizes often involve monetary rewards as well as the fame that comes with them. Money is anything that is generally accepted as Payment for Goods and services and repayment of Debts. Some prizes are also associated with extravagant awarding ceremonies, such as the Oscars. "The Oscar" redirects here for the film see The Oscar (film.

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 and jealousy. A controversy or dispute is a commencement of a conflict between statements of accepted fact and a new or unaccepted proposal that disagrees with argues against

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)
• Booby prize: typically awarded as a joke or insult to whoever finished last. A parting gift or farewell gift is a Parting tradition, a Gift given during Parting. A booby prize is a Joke Prize usually given in recognition of a terrible performance or last-place finish See 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
• List of prizes, medals, and awards
• Prize money, monetary award that is given to someone after they have won a competition. 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 A list of famous Prizes Medals and Awards including cups trophies, Bowls Badges State decorations etc Generally prize money or purse is a monetary Prize awarded for winning or coming a place in a competition
• Prizes named after people