Original sentence: A prize is an award given to a person or a group of people to recognise and reward actions or achievements.Booby prize: typically awarded as a joke or insult to whoever finished last.Consolation prize: an award given to those who do not win an event but are deserving of recognition.First prize, second prize, third prize, fourth prize etc.Prizes are given for a number of reasons: to highlight noteworthy or exemplary behaviour, and to provide incentives in competitions, etc.Purchase prize or acquisition prize: a monetary prize given in an art competition in exchange for the winning work.Some prizes are also associated with extravagant awarding ceremonies, such as the Oscars
Edited sentence: "Booby prize": typically awarded as a joke or insult to whoever finished last."Consolation prize": an award given to those who do not win an event but are deserving of recognition."Purchase prize" or "acquisition prize": a monetary prize given in an art competition in exchange for the winning work., or "first runner-up" and "second runner-up", or "silver medal" and "bronze medal".A prize is an award to be given to a person or a group of people to recognise and reward actions or achievements.Hierarchical prizes, where the best award may be, for example, the "first prize", "grand prize", or "gold medal", and subordinate awards may be called "second prize", "third prize", etc.Prizes are also given to publicize noteworthy or exemplary behaviour, and to provide incentives for improved outcomes and competitive efforts.Some prizes are also associated with extravagant awarding ceremonies, such as the Academy Awards