To be perfectly honest, despite being a car-lover, I am not really interested in motor-sport. But this might be part of today's biggest news: Fernando Alonso (Renault) won the Formula One driver's championship, after coming in second in the final race of the season.
This is important, even if you're not a big fan of motoric sport. In 1994, Formula One was the 7th most viewed sports event in the world (answered by Rainbow). In 2003, the Grand Prix in Brazil ranked 4th. Michael Schumacher was the second best paid athlete in the world. Millions of dollars are paid by courses for the Grand Prix.
Because Formula One is big money, it also means jobs for people totally unconnected to the world of car racing. For example, being an interpreter for Russian delegation visit to TAG McLaren Formula One Team (in: Possible jobs for Russian/English language expert, answered by Umiat); or being an engineer for Formula One (in: Find Automobile Engineers, answered by Tutuzdad) .
If you're interested in further information about the f1 economy, one of the places you'd better check out is the number of Formula One merchandise shops online - Easterangel listed only the largest ones here; there is also an F1 computer game; the industry is huge.