The professor gave them a piece of advice."Remember," he said to them, "the four of you may be proficient, each in your own subject, but if you don't have the sense to act suitably to the time and circumstance of a situation, you may have to go hungry."
The sentences are taken from the story Too Much Knowledge Maketh Fools.
When I look up the meaning of the word "situation" in a dictionary, I find some definitions but I cannot decide which one should be chosen. I think it might be "a state of affairs".