Magnetism
A very common source of magnetic field found in nature is a dipole, with a "South pole" and a "North pole", terms dating back to the use of magnets as compasses, interacting with the Earth's magnetic field to indicate North and South on the globe. Since opposite ends of magnets are attracted, the north pole of a magnet is attracted to the south pole of another magnet. The Earth's North Magnetic Pole (currently in the Arctic Ocean, north of Canada) is physically a south pole, as it attracts the north pole of a compass.
A magnetic field contains energy, and physical systems move toward configurations with lower energy. When diamagnetic material is placed in a magnetic field, a "magnetic dipole" tends to align itself in opposed polarity to that field, thereby lowering the net field strength. When ferromagnetic material is placed within a magnetic field, the magnetic dipoles align to the applied field, thus expanding the domain walls of the magnetic domains.
Magnetic moment
The magnetic moment is a quantity that represents the magnetic strength and orientation of a magnet or other object that produces a magnetic field. Examples of objects that have magnetic moments include: loops of electric current (such as electromagnets), permanent magnets, elementary particles (such as electrons), various molecules, and many astronomical objects (such as many planets, some moons, stars, etc).