Meaning of the word "first prize" in English

What does "first prize" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

first prize

US /ˈfɜrst praɪz/
UK /ˈfɜːst praɪz/

Noun

the highest award given in a competition or contest

Example:
She won the first prize in the art competition.
The team worked hard to secure the first prize.