The Theory of a spherical Earth posits that the Earth is not flat but rather an oblate spheroid, meaning it is mostly spherical in shape but slightly flattened at the poles and bulging at the equator. This understanding was crucial for navigators and explorers during the Age of Discovery, as it allowed for more accurate mapping and navigation across the oceans. The acceptance of this theory significantly impacted trade routes, exploration, and the exchange of goods and ideas between continents.