Prim's Algorithm and Brute Force Algorithm are two approaches to find the minimum cost spanning tree in a graph. Prim's Algorithm uses a greedy approach, starting with an arbitrary node, selecting the edge with the least weight until all nodes are included. It has the advantage of being faster than Brute Force but may not always provide the optimal solution. On the other hand, Brute Force Algorithm involves listing all possible Hamilton circuits, calculating their weights, and choosing the one with the smallest weight. While it can give an optimal solution, it is inefficient and only practical for small graphs.