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 greater strength of rare-earth magnets is mostly due to two factors. First, their crystalline structures have very high magnetic anisotropy. This means that a crystal of the material preferentially magnetizes along a specific crystal axis but is very difficult to magnetize in other directions. Like other magnets, rare-earth magnets are composed of microcrystalline grains, which are aligned in a powerful magnetic field during manufacture, so their magnetic axes all point in the same direction. The resistance of the crystal lattice to turning its direction of magnetization gives these compounds a very high magnetic coercivity (resistance to being demagnetized).