PRICE

Price refers to the amount of money you pay when you buy something.

The price of coffee had gone up by 12%.

Price is also used figuratively in the sense of consequence or cost:

He had to pay a high price for his support of the party’s failed candidate. 

Price can also be used as a verb meaning to put a price on something, to say how much something costs or is worth.

He was reluctant to price the old furniture.
The young couple thought the house was priced too high.
Entrance is priced at €7 for adults and €5.50 for children.

To price in (with the stress on in) has two meanings:

1. To include the cost of something in the total price

You need to price in the cost of packaging and freight.

2. To consider a factor when deciding a price

We must price in the risk of increased raw material costs.

PRIZE

Prize (with a voiced s-sound) refers to an award earned in a competition or through talent. It is associated with achievement and recognition.

My daughter won first prize in the baking competition.

A prize flower or animal is one that is of very good quality, one that has won or deserves to win a prize.

A prize idiot is the same as a complete idiot.

As a verb, to prize has two meanings:

1. To value highly

That old photo is one of my most prized possessions.

2. To force open (sometimes also spelled prise)

I prized the lid open with a spoon.
She prised the little boy’s fingers apart and took the pill from him.

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