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 structure
Most solid materials are non-magnetic, that is, they do not display a magnetic structure. Due to the Pauli exclusion principle, each state is occupied by electrons of opposing spins, so that the charge density is compensated everywhere and the spin degree of freedom is trivial. Still, such materials typically do show a weak magnetic behaviour, e.g. due to Pauli paramagnetism or Langevin or Landau diamagnetism.