From 21st Century Christian‘s e-Teacher Digest:
“When a person works an eight-hour day and receives a fair dayâ€™s pay for his time, that is a wage. When a person competes with an opponent and receives a trophy for his performance, that is a prize. When a person receives appropriate recognition for his long service or high achievements, that is an award. But when a person is not capable of earning a wage, can win no prize, and deserves no award â€“ yet receives such a gift anyway â€“ that is a good picture of Godâ€™s unmerited favour.
This is what we mean when we talk about the grace of God.” –G.W. Knight
Not the last word, nor the fullest, about grace, but a good word, indeed.