The matrix of minors refers to a matrix where each element is the minor of the corresponding element in the original matrix. It is distinct from the adjoint matrix, which involves taking the cofactors—minors adjusted for sign—and then transposing that matrix. To calculate the matrix of minors, one must first identify the minors for each element in the given matrix. The discussion clarifies that while both concepts are related, they serve different purposes in matrix operations. Understanding this distinction is crucial for solving equations like Ax=b correctly.