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.
Electromagnetic radiation
According to Maxwell's equations, a spatially varying electric field is always associated with a magnetic field that changes over time. Likewise, a spatially varying magnetic field is associated with specific changes over time in the electric field. In an electromagnetic wave, the changes in the electric field are always accompanied by a wave in the magnetic field in one direction, and vice versa. This relationship between the two occurs without either type of field causing the other; rather, they occur together in the same way that time and space changes occur together and are interlinked in special relativity. In fact, magnetic fields can be viewed as electric fields in another frame of reference, and electric fields can be viewed as magnetic fields in another frame of reference, but they have equal significance as physics is the same in all frames of reference, so the close relationship between space and time changes here is more than an analogy. Together, these fields form a propagating electromagnetic wave, which moves out into space and need never again interact with the source. The distant EM field formed in this way by the acceleration of a charge carries energy with it that "radiates" away through space, hence the term.