Enter a name for your new team and select if they should have restrictive access to content or see everything, you set this using the slider button. Setting the slider to on will allow you to give individual teams access to a specifc sub-set of the content within each library.
As in the example below, to restrict what a team has access to, first slide the "Restrictions Active" slider to on (as below) then click the plus sign next to folders in the right hand column (Hidden Folders) to make them appear in the left hand column (Visible Folders). By allocating folders to a team you are allowing them to see only that content, if you select no folders they will see nothing in this content library.
This allows you to segment your libraries to provide specific internal or external teams with only the content and products they should have access to. One reason you would want to do this is to ensure sensitive pricing is only shown to the correct team, or possibly you might want a team to specilise in selling only a sub-set of your entire product catalogue. A concrete exampe of this is when you have a distributor or reseller model (also known as partner / channel sales teams), under this structure they would only see the items they should be selling, at the price levels agreed. You could even have mulitple sets of pricing for individual teams.