So I stopped at a local music shop and found this alvarez for pretty cheap. Decided to get it. I've been playing electric for about a year, so this is all new to me.

It seems pretty high to me, since I can bend the neck slightly back, and still have 0 fret buzz while strumming pretty hard.

I've never dealt with acoustics, so how would I go about setting it up.
bend the neck back? errr... are you talking about the bow? dont adjust the truss rod.

The action on your acoustic is on the higher end of normal action for an acoustic. Nothing to worry about. If you can play well on this acoustic then you'll be able to play anything else.
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Take it back to your shop and ask if a free setup is included with the guitar -- maybe they lower it for you. But yeah -- like Captivate said, yours isn't all that high, even though it seems like it after playing electric. It's just something to get used to.