Magnet
Rare earth (lanthanoid) elements have a partially occupied "f" electron shell (which can accommodate up to 14 electrons). The spin of these electrons can be aligned, resulting in very strong magnetic fields, and therefore, these elements are used in compact high-strength magnets where their higher price is not a concern. The most common types of rare-earth magnets are samarium-cobalt and neodymium-iron-boron (NIB) magnets.
Exchange spring magnet
An Exchange Spring Magnet is a magnetic material with high coercivity and high saturation properties derived from the exchange interaction between a hard magnetic material and a soft magnetic material, respectively. Coehoorn et al. were the first able to observe an actual exchange spring magnet. Exchange spring magnets are cheaper than many magnets containing rare earth/transition metals (RE-TM Magnets), as the hard phase of the magnet (which commonly comprises RE-TM material) can be less than 15% of the overall magnet by volume.