Faith.
What is faith? The Prophet Alma taught what faith is: "And now as I said concerning faith—faith is not to have a perfect knowledge of things; therefore if ye have faith ye hope for things which are not seen, which are true."(Alma 32: 21) This is also taught in the New Testimant by Paul in Hebrews 11. So faith is a belief and hope. We know that we must have faith in God and his Son, Jesus Christ.
Works
What is works? To work is to do something outward. It is an action. It is doing something, or living a certain way. We know that we must live the commandments, and do things to help others. We have to have works and follow Jesus Christ.
Grace
What is Grace? The Prophet Moroni teaches us about grace in Moroni 10: 33, "And again, if ye by the grace of God are perfect in Christ, and deny not his power, then are ye sanctified in Christ by the grace of God, through the shedding of the blood of Christ, which is in the covenant of the Father unto the remission of your sins, that ye become holy, without spot." Paul also teaches us a about grace in Romans 5: 15. It comes because of Christ's sacrifice. Grace is something that was bought through the blood of Christ. It is through grace that the price of justice is paid.
These 3 principals work together to fulfill the plan on our Heavenly Father. Alone it doesn't work. Here is a couple of examples:
Romans 11: 16, "And if by grace, then is it no more of works: otherwise grace is no more grace. But if it be of works, then is it no more grace: otherwise work is no more work." We must have grace; it is impossible to work our way back to Heaven. We are imperfect.
James 2: 17, 18, and 22, "Even so faith, if it hath not works, is dead, being alone. Yea, a man may say, Thou hast faith, and I have works: shew me thy faith without thy works, and I will shew thee my faith by my works. Seest thou how faith wrought with his works, and by works was faith made perfect?" Faith on its own in nothing. If we believe we must act and follow Christ. If we don't, then do we really have faith?
They must all be present and work in harmony. If so, then we will be saved. "Wherefore, my beloved brethren, reconcile yourselves to the will of God, and not to the will of the devil and the flesh; and remember, after ye are reconciled unto God, that it is only in and through the grace of God that ye are saved."(2 Nephi 10: 24) We must have faith in Christ and his sacrifice, we must follow him and change our lives, and then we can take part in the grace of God. By this we are saved!
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