This formula applies to any object travelling in a circle; it gives the force needed to keep the Earth in orbit round the Sun to that needed to go round a corner on a bike.
You should be able to see from the
formula that the force needed to keep a certain object travelling at a certain speed is
less when the radius of the orbit is bigger. As you would expect the faster the
object goes the more force is needed to keep it in orbit.
For a given force, as
the radius gets smaller the object orbits faster. Think of what happens to a stone on a
string being whirled round your finger as the string winds itself up. It goes faster and
faster.
Notice that the
acceleration does not depend on the mass of the stone.
The stone is
accelerating although its speed in the circle stays the same. The fact that it is
constantly changing direction means that its velocity is changing and so it has an
acceleration.