Spending time

I've been pondering the spending of time, as of late.  Time, like money, is limited. It only makes sense to be aware of this fact and use the limited amount of time to our best advantage.  To make that decision, one must know what IS to one's advantage.
Sometimes I hear from my children that they are bored or that there is nothing to do and I have been wondering what is the best response.  I never had this trouble as a child/teen because I was a musician and spent a lot of time practicing.  But what really is the best way for a child to do spend their time? 
On one hand, I can see the wisdom of teaching a child to work hard.  But on the other hand, I want my children to enjoy their time at home and not see life a drudgery.  One thing that I am afraid of is allowing a child to make a "time use" decision on their own, when they don't have the wisdom to do so well. 
I have some ideas, but I really don't know what is the best answer.  Sports, music, hobbies, volunteer work, time with friends, and time with family are some options.  I suppose every family is different, but there are some obvious wrong answers to this question.  I'm thinking that tv and video games are not good choices. 
Any thoughts?