The site home page and blog page can be set from the 'Settings > Reading' page in the WordPress admin.
From the top of this page at the 'Your homepage displays' section choose the 'A static page (select below)' option.
This will enable the two dropdown menus below and allow you to select the relevant page for each option.
* Please note that you should first ensure that these pages have been created and published. Pages set in 'draft' status will not be available from the dropdown options.