The function f(x) implemented in the script./temp1/function.py is selective for two concepts: "art" and "time". It associates words related to art with a high value, indicating a strong association with the concept of art, and words related to time with a lower value, indicating a weaker association with the concept of time. Words that are not related to either concept are associated with a value close to 0.5, indicating a weak or no association with either concept.