Magnet
Many materials have unpaired electron spins, and the majority of these materials are paramagnetic. When the spins interact with each other in such a way that the spins align spontaneously, the materials are called ferromagnetic (what is often loosely termed as magnetic). Because of the way their regular crystalline atomic structure causes their spins to interact, some metals are ferromagnetic when found in their natural states, as ores. These include iron ore (magnetite or lodestone), cobalt and nickel, as well as the rare earth metals gadolinium and dysprosium (when at a very low temperature). Such naturally occurring ferromagnets were used in the first experiments with magnetism. Technology has since expanded the availability of magnetic materials to include various man-made products, all based, however, on naturally magnetic elements.
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.