This word has several quite different meanings. The common usage meaning, without qualifiers, is a scene, or place of occurrence of an event. Other forms of usage are based on older language conventions, where the word 'set' meant to sit, arrange or place something, in effect more like 'settling', but with additional accepted meanings. In astronomy, 'setting' means a star, planet or feature passes out of sight.
Examples of Setting:
| We're setting the table.|
The sun is setting.
You seem to be setting a lot of faith in this.
Adjust the setting on the computer system.
Setting your sights on some glory, eh?
The sun is setting down in mississippi.