Euclid's algorithm is preferred over prime decomposition for finding the greatest common divisor (gcd) of two numbers due to its efficiency, especially with large numbers. Prime decomposition is complex and relies on the fundamental theorem of arithmetic, while Euclid's algorithm utilizes properties from ring theory, making it fundamentally different. For example, simple numbers can be quickly factored, but large composites are impractical to decompose. Additionally, a generalized version of Euclid's algorithm can be applied to polynomials, and a variant can find the multiplicative inverse of integers modulo another number. Overall, Euclid's algorithm is a more efficient and versatile method for evaluating the gcd.