Compressors will act as limiters, depending on the compression ratio. But pure limiters will just clip peaks and not compress high volumes or raise lows.
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I fall in love fast, wow, 
She’s the best!
I 
rock n roll!!
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She’s great. If you like that, check this out:
Intro vid to her slap bass course. Impossible to watch the first part without smiling.
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A compressor is used when the dynamic range of a source is such that you can’t hear soft passages without loud passages clipping(overloading) the output. Gentle compression is musical whereas high compression is unnatural. 3:1 compression means a 3dB increase in input results in a 1 dB increase in output. An infinite ratio is called a limiter. Anything beyond 10:1 is effectively a limiter because decibels is a logarithmic scale.
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It took me this whole thread to get to what I think is the answer: it keeps the whole signal but constrains it within an range, but doesn’t clip anything out. Is that right
If it’s so fundamental to good/even sound, why aren’t basses made with a basic built-in compression circuit? Is it only budget, and if so, are there high end basses that do have it?
Somebody said that compression would help with string scrape noise, but I’ve heard it on examples of compressed playing. I’m confused again.
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not exactly. the compressor reduces the gain when the level is too high (depending of the threshold setting) but to keep the signal within a range you need an infinite ratio which is called a limiter. but I think you get the idea 
in fact the onboard preamp on active basses often lowers the dynamics of the pickups (compared to a passive bass or the same bass in passive mode) so it acts somewhat like a simple compressor. Also a lot of amps have an integrated compressor and/or limiter.
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The link that @acr08807 shared makes it easy to understand (for me), probably because there is a visual explanation on real world application. Granted it’s on a drum track, but that makes the spikes far clearer and the sustain requirement more obvious. To me.
Glen Fricker is a bit of an acquired taste though, and you do get more earthy language and direct opinions. I like watching his videos because the guy knows his stuff and tells it like it is (in his head), and he looks like the mad scientist they keep in the Area 51 bunker in Independence Day (played by Brent Spiner). I keep waiting for him to show us the cool alien tech he’s using in the studio.
Here’s the link so you don’t have to scroll back into last summer for it. Audio Basics: How to Use a Compressor | SpectreSoundStudios TUTORIAL - YouTube
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I wouldn’t say that a compressor is required for this for all styles, just that it will improve things enough for all styles that they are worth the money as one of your first pedals.
For some styles, notably slap, you will sound much better with one - less sharp attacks and much better sustain and level of the note tone.
Even if you don’t have one, whoever is recording you does (they are built in to every DAW I know of, even Audacity) and it’s likely some light compression and/or normalization will need to be applied regardless of if you have a dedicated pedal or not. Having a pedal for it is nice though as you can manage your own sound.
The nice thing is the good ones are also transparent and subtle, unless you really crank the knobs. Even if you don’t like effects it won’t force them into your sound enough for you to notice. It’s a nice, subtle improvement, done right.
They are also super useful with other pedals because most of them also provide a nice, neutral boost. Depending on what is later in your chain, this can be really useful.
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Ah yes, Garageband’s amp emulators etc have the option. I haven’t really delved too deeply into recording subtleties. Half the tie I’m just trying to get it to record when I ask it to. That Glen Fricker vid really was helpful. As are the comments from the knowledgable crowd in here - and in here there’s none of Fricker’s incessant bass bashing. He did share a wonderful insult from a bassist to guitarist: “you thin-stringed peasant!”.
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It’s a bit hidden but you can actually have a little pedalchain of a few effects per track in GarageBand, IIRC.
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