Bob Ross painted in oils – these take months, even years to fully dry (there was a piece in the paper a while back about some 16th century oil painting that still hadn’t dried completely). For a daily painter like Ross, just putting the palette aside would be fine for a few days.
For a longer time (maybe a few weeks), you can mix a little oil (linseed, maple, a few others) into the paint to “rejuvenate” it. Longer than that and you’d throw it away. In general, most painters seem to dole out the paints in relatively small amounts – Ross was probably using larger blobs to make the camera pick up on them easier (also, he was selling the paints, so if his viewers happened to use more…). Cleanup of oils generally requires pretty nasty solvents or expensive oils, so there’s an incentive to minimize it. (Ross also used a particular technique that tended toward large brushes and palette knives, so he’d also need larger pools of paint.)
For acrylic paints, the same technique doesn’t work: slow painters (say…me) generally need to keep a spritzer bottle around to keep the paint moist even long enough to finish painting with. For storage, they make special sealed boxes (with moist sponges in them) to keep the palette in – even that’s only good for a few days. On the other hand, acrylic paints are much cheaper than oils, so the cost of waste would be lower. Acrylics clean up with water if they’re wet, and flake off if they’re not.
Historically speaking, of course, (oil) paints were kept in paint pots, generally ceramics with right fitting corks or stoppers, and there’d be no trouble transferring leftover paint back to the container (or to a mixed color container).
Modern technology has also given us my personal favorite: water soluble oil paints. These have all the advantages of oil paint (slow drying, easy mixing, lasting color), but with a “soap” molecule embedded, so they can be thinned or cleaned with water instead of paint thinner or oil. They’re somewhere in the middle, waste-wise: palettes of them are good for about three days uncovered; after that you’ll need to add either water or oil to rejuvenate them. They’re wasted after a week or so. If you keep them in the humid palette-keepers, they’ll get soft and runny in a matter of hours, so you only make that mistake once…or twice.