The incentive that is given to liquidators to perform liquidations and keeps the protocol solvent e.g. liquidation incentive of 10% means that liquidators will receive an extra 10% of the borrower's collateral for liquidate transaction.
The maximum that can be borrowed on a particular asset e.g. AVAX collateral factor is 60%, if the price of AVAX is $80, the maximum that can be borrowed is $48 in other assets.
The percentage of the borrower's interest that accrues to Vee.Finance protocol and can be withdrawn through governance e.g. reserve factor of 20% means that 20% of the interest paid on the asset is for the protocol.