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noun, する verb, の adjective
You want a machine to wait so you put it on alert. If the machine is your computer you put it on standby. You just want it to stay there and do nothing until you're ready, that's all.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.
If birth rates are declining, why are waitlists for schools increasing?