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.
Magnet
The term "magnet" is typically reserved for objects that produce their own persistent magnetic field even in the absence of an applied magnetic field. Only certain classes of materials can do this. Most materials, however, produce a magnetic field in response to an applied magnetic field – a phenomenon known as magnetism. There are several types of magnetism, and all materials exhibit at least one of them.