(noun)
the physical surroundings and circumstances where something exists or takes place, especially in a book, play, or movie;
e.g. She is looking forward to spending a week in a peaceful setting, away from the busy city. The setting of a movie usually determines the type of costumes worn.
(noun)
the position or manner in which something is set, often figuratively, for example a mode to which a machine can be adjusted so that it operates in a particular way;
e.g. If you feel too hot, you can change the setting on the fan so that it cools the room better.
(verb)
putting or placing something in a particular position or manner, often figuratively, for example, representing a work such as a book, play, or movie as taking place in particular surroundings and/or circumstances;
e.g. He was setting the plates on the table before dinner. She is thinking of setting her novel in 19th century England.
(verb)
broadly, bringing something/someone to a particular condition or establishing a particular state, for example adjusting a device so that it operates in a particular way or instructing a person to perform a particular task;
e.g. I was setting the volume of the mic so that I could be heard even at the back of the room. The professor believes that setting homework each week helps students practice what they have learnt.