Why it is called Formula 1 Sport?

What is Formula 1 ? 
How the Formula 1 name came to exist ? 
Why it is called F1 or Formula 1 ? 

The word Formula in the name refers to the set of rulesto which all participants' cars must conform.A Formula One season consists of a series of races, known as Grand Prix (French for ''grand prizes' or 'great prizes''), which take place worldwide on purpose-built circuits and on public roads.

Formula One racing is, as its name suggests, the pinnacle of motor racing around the world. Small children don’t dream about growing up to race in lesser series – above all else, they want to be a winning Formula One driver.

These days, the sport is a truly global circus. At almost every race on the calendar, more than 120,000 spectators cram into the grandstands and spectator banking, all vying for a view of the millionaire superstar drivers. At that same
time, in 150 countries worldwide, more than 300 million people tune in to watch the fight for glory in the comfort of their front rooms.
It is this sort of global following that has attracted huge sponsorship and left
television stations around the world falling all over themselves to broadcast the races. 

The huge marketing drives put on by the sponsors have whipped up even more interest in the sport. Nowadays, only the Olympic Games and
the football World Cup can boast the kind of viewership, backing, and interest that Formula One has – and those events only take place every four years.