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.
Ferrite (magnet)
Most common audio magnets, including those used in loudspeakers and electromagnetic instrument pickups, are ferrite magnets. Except for certain "vintage" products, ferrite magnets have largely displaced the more expensive Alnico magnets in these applications.