The distinction between the two is not well specified. If I own an apartment I can rent it out or I can live in it. If I own an art collection I can hang it in my house or charge others to see it. Cash in bank accounts is lent out by banks to form investments in other firms and projects. Land might be used for long walks or used for farming, natural resource extraction, or simply held for future development. Nevertheless, a useful distinction in the spirit of your question is between inputs to production and "Durable Consumption". Durable consumption goods are a form of consumption good that is provides a stream of consumption services rather than totally consumed by the act of consumption. Contrast a car (durable consumption good) with a vacation (a service, which is a kind of non-durable consumption).
Here is the St. Louis Fed on Factors of Production - The Economic Lowdown Podcast Series, Episode 2
The first factor of production is land, but this includes any natural
resource used to produce goods and services. This includes not just
land, but anything that comes from the land. Some common land or
natural resources are water, oil, copper, natural gas, coal, and
forests. Land resources are the raw materials in the production
process. These resources can be renewable, such as forests, or
nonrenewable such as oil or natural gas. The income that resource
owners earn in return for land resources is called rent.
The second factor of production is labor. Labor is the effort that
people contribute to the production of goods and services. Labor
resources include the work done by the waiter who brings your food at
a local restaurant as well as the engineer who designed the bus that
transports you to school. It includes an artist's creation of a
painting as well as the work of the pilot flying the airplane
overhead. If you have ever been paid for a job, you have contributed
labor resources to the production of goods or services. The income
earned by labor resources is called wages and is the largest source of
income for most people.
The third factor of production is capital. Think of capital as the
machinery, tools and buildings humans use to produce goods and
services. Some common examples of capital include hammers, forklifts,
conveyer belts, computers, and delivery vans. Capital differs based on
the worker and the type of work being done. For example, a doctor may
use a stethoscope and an examination room to provide medical services.
Your teacher may use textbooks, desks, and a whiteboard to produce
education services. The income earned by owners of capital resources
The fourth factor of production is entrepreneurship. An entrepreneur
is a person who combines the other factors of production - land,
labor, and capital - to earn a profit. The most successful
entrepreneurs are innovators who find new ways produce goods and
services or who develop new goods and services to bring to market.
Without the entrepreneur combining land, labor, and capital in new
ways, many of the innovations we see around us would not exist. Think
of the entrepreneurship of Henry Ford or Bill Gates. Entrepreneurs are
a vital engine of economic growth helping to build some of the largest
firms in the world as well as some of the small businesses in your
neighborhood. Entrepreneurs thrive in economies where they have the
freedom to start businesses and buy resources freely. The payment to
entrepreneurship is profit.
A person might have a great deal of wealth, but all of it held in durable consumption goods which they are using (the British royal family might be a good example of this type). Another person might have little consumption of any sort, but own lots of capital, land, and entrepreneurship (Hetty Green is a famous example of this type, but so might be Warren Buffet, at least relatively speaking).