What's in a name, but why F1, ask spectators

Is it a fuel, type of cars or just a name? Why is it called Formula-One (F1), ask millions of first-time spectators of the inaugural Indian Grand Prix, which is being held at the sparkling, newly-minted Budhh International Circuit here."I have watched two practice sessions at the track, but there are some key questions that are there. Like,  why F1, why not track racing?," 23-year-old Vickramjeet Singh of South Delhi, who is among 120,000 spectators at the track, asked IANS.Singh's queries are genuine. But he ought to know that the F1 means a minimum criteria for cars which are allowed to race at the event.The criteria include basic minimum standards in terms of a car's size, engine technology, safety, power, tyres and aerodynamic features, which are mandatory for every car that races.These basic specifications are inspected by the Fédération Internationale de l'Automobile which is the governing body for world motor sport.The reason behind the specifications as laid out in the charter of the race is to give a level playing field for all teams.The other races which also feature the Formula name tag are Formula-Three for the junior category drivers, whose cars sport a smaller engine capacity, calculated in terms of cubic centimetre (CC).The 'One' in F1 is a designation which reflects the fact that this is the ultimate car race, with highest speed, engine power and the best of drivers in the world.The name F1 was adopted by Commission Sportive Internationale (CSI) of the FIA  in 1946, soon after the end of the Second World War.