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
A magnet is a material or object that produces a magnetic field. This magnetic field is invisible but is responsible for the most notable property of a magnet: a force that pulls on other ferromagnetic materials, such as iron, and attracts or repels other magnets.