Formula One is the highest class of international racing for open-wheel single-seater formula racing cars sanctioned by the Fédération Internationale de l'Automobile (FIA) The FIA Formula One World Championship has been one of the world's premier forms of racing since its inaugural running in 1950. The word formula in the name refers to the set of rules all participants' cars must follow. A Formula One season consists of a series of races, known as Grands Prix. A point-system is used to determine two annual World Championships: one for drivers, and one for the constructors (the teams)