A team possession is defined as the period of time between when they take control of the ball and when the opponents take control of the ball. Team possessions are, by definition, nearly equal for the two teams involved in a game.
A team wins the jump ball to start the game, beginning their possession. They take and miss a shot, but get the offensive rebound. They take and miss another shot, but get the offensive rebound. Finally, they lose the ball because their power forward grabs his defender in the crotch for an offensive foul and a turnover. This is one team possession.