Final answer:
The statement means that observing distant objects in space allows us to see them as they were in the past due to the finite speed of light; the further away an object is, the older the light we see from it, providing a historical view of the universe.
Step-by-step explanation:
The statement "The farther away we look in the distance, the further back we look in time" refers to the concept that light from distant objects in space takes a longer time to reach us on Earth. Because light travels at a finite speed, the images we see of these objects represent how they appeared in the past. For example, the Andromeda galaxy is about 2 million light years away from us, so we see it as it was 2 million years ago - looking at Andromeda is essentially looking back in time by 2 million years. Similarly, when we observe the most distant galaxies, we are seeing light that left them 14 billion years ago, giving us a glimpse of the universe's early stages.
When we peer farther into the universe, we are also looking ever farther back in time. This enables us to discern the early stages of galaxies and the larger cosmos, thereby helping us understand the evolution of the universe. The field of cosmology deals with these observations and, despite its large uncertainties, is marked by regular significant discoveries that contribute to our understanding of the cosmos.