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.
Magnetic alloy
A magnetic alloy is a combination of various metals from the periodic table such as ferrite that contains at least one of the three main magnetic elements: iron (Fe), nickel (Ni), or cobalt (Co) etc.. Such an alloy must contain but is not limited to one or more of these metals. Magnetic alloys have become common, especially in the form of steel (iron and carbon), alnico (iron, nickel, cobalt, and aluminum), and permalloy (iron and nickel). The strongest magnetic element is iron, which allows items made out of these alloys to attract to magnets.