The meaning of prize is something offered or striven for in competition or in contests of chance; Definition of prize noun in oxford advanced learner's dictionary. See examples of prize used in a sentence.
A prize is an award to be given to a person or a group of people (such as sporting teams and organizations) to recognize and reward their actions and achievements. For senses to do with value or worth, "prize" is correct in us & uk english. For senses to do with leverage, the uk spelling is "prise" ("prize" is us only in this sense).
A prize is the reward or recognition a winner gets. When you win first prize in your state spelling bee, you might get a medal and a trip to the national competition in washington, dc.
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