The myth of the Flat Earth is the modern misconception that the prevailing cosmological view during the Middle Ages saw the Earth as flat, instead of spherical.[1][2] During the early Middle Ages, virtually all scholars maintained the spherical viewpoint first expressed by the Ancient Greeks. By the 14th century, belief in a flat earth among the educated was essentially dead. Flat-Earth models were in fact held at earlier (pre-medieval) times, before the spherical model became commonly accepted in Hellenistic astronomy.[3]
Rocks had "low" weight, thus falling to the ground and fire had "high" weight, thus rising to the sky. Being composed of "earth" and "water", we stuck to the surface of the Earth because that was our natural place.
A lot of this model was carried over into Medieval science, but it changed over time to adapt to new discoveries, until it finally broke around the time of Galileo & Copernicus.
C.S. Lewis wrote a very interesting little work on the Medieval worldview called The Discarded Image that goes into some of this. He was writing mostly as a literary historian, but covers the scientific understanding to the extent that it informed literature. http://en.wikipedia.org/wiki/The_Discarded_Image