Magnetism
Magnetism is a class of physical phenomena that are mediated by magnetic fields. Electric currents and the magnetic moments of elementary particles give rise to a magnetic field, which acts on other currents and magnetic moments. The most familiar effects occur in ferromagnetic materials, which are strongly attracted by magnetic fields and can be magnetized to become permanent magnets, producing magnetic fields themselves. Only a few substances are ferromagnetic; the most common ones are iron, nickel and cobalt and their alloys. The prefix "" refers to iron, because permanent magnetism was first observed in lodestone, a form of natural iron ore called magnetite, FeO.
Rare-earth magnet
The rare-earth (lanthanide) elements are metals that are ferromagnetic, meaning that like iron they can be magnetized to become permanent magnets, but their Curie temperatures (the temperature above which their ferromagnetism disappears) are below room temperature, so in pure form their magnetism only appears at low temperatures. However, they form compounds with the transition metals such as iron, nickel, and cobalt, and some of these compounds have Curie temperatures well above room temperature. Rare-earth magnets are made from these compounds.