Project Team Definition

The project team consists of the full-time and part-time resources assigned to work on the deliverables of the project all of who will help achieve the project objectives. They are responsible for:

understanding the work to be completed
planning out the assigned activities in more detail if needed
completing assigned work within the budget, timeline, and quality expectations
informing the project manager of issues, scope changes, risk, and quality concerns
proactively communicating status, and managing expectations

The project team can consist of human resources within one functional organization, or it can consist of members from many different functional organizations. A cross-functional team has members from multiple organizations. Having a cross-functional team is usually a sign your organization is using matrix management.

Other Definitions

I've also put together a short online course that describes project management fundamentals if you're interested in learning more about this profession.

References
Tom Mochal and Jeff Mochal, Lessons in Project Management