A prize is an award to be given to a person or a group of people to recognise and reward actions or achievements. Prize, definition 1, The Free Dictionary, Farlex, Inc. Retrieved August 7, 2009. 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. Prizes are also given to publicize noteworthy or exemplary behaviour, and to provide incentives for improved outcomes… (More on Prize)