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.
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.