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http://en.wikipedia.org/wiki/Spacetime#mediaviewer/File:GPB_circling_earth.jpg

Einstein's theory of General Relativity also has something to say about time dilation.  What it essentially says is that as you get closer to a large gravitational field, time actually slows down.  The stronger this gravitational field is, the slower time will tic by.  In fact, if you ever happened to reach the event horizon of a black hole, time would actually stop. (Talcott)  The following equation describes the effect of General Relativity on time on our planet. (Nave)

Photo by Jason Slats

This equation shows that time measured on earth is actually slower than time measured away from the surface of the planet.

http://www.npl.co.uk/educate-explore/factsheets/einstein/

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