The name Frisbee is a registered trademark. The correct term is flying disc although it has become common usage to use the term frisbee. The sport is referred to as disc dog competition.
The Frisbee got its start when, in 1938, a couple, Walter Frederick Morrison and future wife Lucile were tossing a pie pan back and forth on a California beach. They were offered 25 cents for it and Morrison realized this could be a business. He promoted and developed the flying disc until 1957 when he sold the rights to Wham-O who gave it the name Frisbee.
Updated 3/3/13 - Review of Discs