Exchange spring magnet
The magnetostatic energy is the energy stored in the field generated by a material's magnetic moments. The magnet's field reaches its maximum intensity if all the magnetic moments orient in one direction; this is what occurs in a hard magnet. In order to prevent building up the magnetic field, sometimes magnetic moments tend to form loops. That way, the energy stored in the magnetic field can be constrained; this is what occurs in a soft magnet. What determines whether a magnet is hard or soft is the dominant term of its magnetic energy. For hard magnets, the anisotropy constant is relatively large, making the magnetic moments align with easy axis. The opposite case applies to soft magnets, in which the magnetostatic energy is dominant.
Dipole
Although there are no known magnetic monopoles in nature, there are magnetic dipoles in the form of the quantum-mechanical spin associated with particles such as electrons (although the accurate description of such effects falls outside of classical electromagnetism). A theoretical magnetic "point dipole" has a magnetic field of exactly the same form as the electric field of an electric point dipole. A very small current-carrying loop is approximately a magnetic point dipole; the magnetic dipole moment of such a loop is the product of the current flowing in the loop and the (vector) area of the loop.