I think the following is a good conversation on the scenarios when each are appropriate:
The purpose of this paper is to provide you background on SQL Server. It’s your self-study guide for learning fundamentals. It includes both the history of SQL and its technical basics. Concepts and definitions will form the solid foundation of your future DBA expertise.
Using examples as well as descriptions, and references to Books Online, show the different Recovery Models available in SQL Server and explain, as well as show how full, differential and transaction log backups are performed