How can I make a GameObject/Model orbit a Sphere?
You can use either RotateAround as dhendrix mentioned, or you can create an empty GameObject and use this as a pivot for the orbitting GameObject. In Update rotate the pivot around its center and then move your GameObject "distance" along pivot's z-axis.
To do it using physics, you would apply force toward the sphere inside FixedUpdate.
Example:
pseudocode:
FixedUpdate()
{
Vector3 diff = sphere.transomform.position - object.transform.position;
Vector3 direction = diff.normalized;
float gravitationalForce = (sphere.mass * object.mass * gravitationalConstant) / diff.sqrMagnitude;
object.rigidBody.addForce( direction * gravitationalForce );
}
Gravitation equation taken from: http://www.school-for-champions.com/science/gravitation.htm