In this paper, we study the problem of resource allocation and control for a network node with regulated traffic. Both guaranteed lossless service and statistical service with small loss probability are considered. We investigate the relationship between source characteristics and the buffer/bandwidth tradeoff under both services. Our contributions are the following. For guaranteed lossless service, we find that the optimal resource allocation scheme suggests that sources sharing a network node with finite bandwidth and buffer space divide into groups according to time scales defined by their leaky-bucket parameters. This time-scale separation determines the manner by which the buffer and bandwidth resources at the network node are shared among the sources. For statistical service with a small loss probability, we present a new approach for estimating the loss probability in a shared buffer multiplexor using the `extremal' ON-OFF, periodic sources. Under this approach, the optimal resource allocation for statistical service is achieved by maximizing both the benefits of buffering sharing and bandwidth sharing. The optimal buffer/bandwidth tradeoff is again determined by a time-scale separation.