A prize is an award to be given to a person, a group of people, a sports team, or organization to recognize and reward actions or achievements.  Official prizes are often in the form of money. 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 and competitive efforts. In general, prizes are considered in a positive light, and their winners are admired. However, many prizes, especially the more famous ones, have often caused controversy and jealousy.

https://en.wikipedia.org/wiki/Prize