-- The satellite IS falling, but it never reaches the ground because
it's also moving "sideways" ... in the direction of the orbit ... and
because the Earth is shaped like a sphere.
The satellite is moving sideways fast enough so that by the time
it falls 1 foot, the Earth's surface has curved down away from it
1 foot, so it's still the same distance from the Earth's surface.
-- A satellite doesn't fly off into space for the same reason that
a yo-yo doing "around the world" on the end of a string doesn't
fly off ... It's being held onto the circle by the tension in the string,
a force that keeps pulling it toward the center of the circle.
There's a force on the satellite too, that keeps pulling it toward
the center of the Earth. It's the gravitational force between the
Earth and the satellite.
The satellite doesn't fly off into space for the same reason that
YOU don't do that either.
The statement "like planets orbiting the sun" best explains the Bohr's model. Niels Bohr postulated that electron revolve around the nucleus in specific orbitals which are quantized. These orbits are represented by the letters K.L.M,N. The maximum number of electrons in each orbit is determined by 
, where n is the number of the orbit. When an electron absorbs energy it moves to a higher orbit, and it moves to a lower orbit when it emits energy. This movement produces discrete spectra which explains the reason for quantized energy levels.
