Satellites *are* falling back toward Earth due to gravity. But because of their sideways velocity, they keep missing it.
Escape velocity is the velocity and object needs to travel away from a gravitational source such that it can continue forever away from that source without needing additional boosts to its velocity. Literally, the velocity needed to escape the effect of its gravitational pull.
Satellites aren’t meant to escape Earth’s gravity, but rather to come into equilibrium with it.
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