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Quick Definition

While content refers to all of the parts of a game that is not the game's engine, an asset is a specific piece of the game's content.

Here's a simple metaphor to explain how this works. Let's say you have a dozen blueberry muffins on a plate, and there's a note next to the plate that read "Only take one!".

Your note and plate would be equivalent to an engine, as it provides the working space and rules involved in interacting with the plate of muffins. All of the muffins would be the content, as they are the subjects of those rules and are the only things that can be interacted with. An asset would then be a single muffin, as it's a single small piece of the content.