Received is an adjective that refers to something that is largely accepted as true or good. It’s also the past participle of the verb receive. If you rely on received wisdom, you might not ever come up with an original idea.
Received, meaning “generally accepted as true or worthy,” was first recorded in the fifteenth century as the past participle adjective of receive, a verb meaning “accept.” So, that which has been accepted, has been received, or noted as correct or good. More specifically, received can be used to refer to established truths, like that failing to drink enough water can lead to dehydration. It's one of those words that actually follows the rule "i before e except after c."