A team is a group of people working towards a goal. A squad is generally a group of people trying to improve their skills in sport specifically, but "my squad' is also a casual way of saying "my group of friends". A team is a group of people working towards a goal.
There is really no difference but if you compare the two you would get ‘Basketball team’ for team. And ‘cheer squad’ for squad or ‘friend squad’ hope this helps
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