The Teams page allows you to edit, create and delete teams. The page lists all current teams, showing their permissions, description and the organization they belong to. You can use the drop down box to search by organization if you are a part of more than one.
Clicking on a team allows you to view users of that team and the projects that team is assigned to. You can add additional members as users by selecting "Add User" button and follow the prompts. You can also add a new team from this page as well.
When creating a team, you would select permissions for that team to be read only or read and write. Read only allows you to see the project while Read and Write allows you to see and edit the projects.