The "TEAM" section contains the promoters that have joined your agency. "Favorites" are the promoters that you would like to save so that you can find them easier.
This is very beneficial if you're looking to work with the same promoters on a long-term basis or if you have specific promoters who you would like to prioritize among your team.
You find these tabs individually on the "Profile" page.
You can "favorite" a promoter by going into the "Promoters" search result page and clicking the heart icon below the promoter's photo. This should then get added to the "Favorites" section in your profile.