What exactly does "time" mean?

[pfapfap]

As was stated, it's a quick way for a player to say, "yes, I know the action is on me, I'm thinking for a second, please bear with me," without distracting the player or being unnecessarily verbose. The dealer repeats it as an acknowledgment to the player that it was heard, and to let the rest of the table know that action is paused and they shouldn't all start to act out of turn.

Keeping a low stakes game running smoothly can sometimes be like herding a bunch of 4-year-olds while chasing after housecats. Since nobody is sure who hears what, if you're taking time to make your decision, please say "time"... especially if you find the dealer is constantly staring at you or reminding you that it's your action, or if people are frequently skipping your action. And ESPECIALLY if you're wearing sunglasses and are prone to use those subtle balla hand-gestures.