Every year, the Nobel Prizes (Swedish: Nobelpriset) are given to people and institutions around the world. These prizes are for the study of science and for world peace. The science prizes include Literature, Science, and Medicine. The Nobel Prize was started by Alfred Nobel. His 1895 testament (or will) gave money for the Prizes. The Nobel Foundation now controls the money. The Foundation asks different committees or academies to decide who receives the prizes. For many people, a Nobel Prize is a very great honor. People who receive a Nobel Prize are called "Nobel laureates".
Each prize winner gets a medal, a diploma and a sum of money. In 1901, the winners of the first Nobel Prizes were given 150,782 SEK. This is same as 7,731,004 SEK in December 2007. In 2008, the winners were awarded a prize of 10,000,000 SEK. The awards are presented in Stockholm, Sweden, in a ceremony on December 10. This day is the anniversary of Nobel's death.
The Nobel Prize in Economics was not a part of Nobel's will. It was started in 1969 by
Sveriges Riksbank, the Bank of Sweden. The bank donated money to the Nobel Foundation for the Economics Prize in 1968. The Economics Studies Prize is in the memory of Alfred Nobel. It is awarded each year with the other Nobel prizes.