Prize

A prize is an award given to a person or a group of people to reward good work. 

Official prizes often include monetary rewards as well as the fame that comes with them. Some prizes are given out in famous ceremonies, such as the Oscars.

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.