The less space the opponent has to manouver the better your chances to win the game. To illustrate the concept of space follow the game played by the great cuban champion Jose Raul Capablanca. Black loses the queen. The next game is a modern example of how white exploited the restricted mobility of the black pieces thanks to the spacial advantage. The threat 47.Rg6 is unstoppable.
Time refers to tempi the player uses to moves the pieces.
Just like in real life, time is gold in chess. Three lost tempi are often equivalent to one lost pawn. Development of the pieces is crucial in the opening. In simple terms, try to bring your pieces out of their starting squares as soon as possible. Below is a game Fischer - Saidy, in which Saidy forgot to develop his piece and went pawn hunting.