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1. Reward. This can be given for having successfully done something (winning a competition or completing a goal), or can also be awarded through a random drawing or contest. In most cases, whether a contest or not, conditions for earning a prize are typically known in advance, and the prize is also typically desired by all participants. For example, some companies may award a prize to the person that generates the highest number of sales in a period of time.
2. Have in high regard or esteem; to hold dear. Objects, people, or ideals and values can be prized by an individual, based on how precious it is to the person.
Sometimes, it cannot be monetized. "The miser may prize his expensive possessions, but the father who loved his family prized his wife and children above all else."

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