|The Simple English Wiktionary has a definition for: prize.|
A prize is an award given to a person or a group of people to reward good work.
Prizes are given for a number of reasons: as an honour for special persons, for 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.
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.
- Booby prize: typically awarded as a joke to whoever finished last.