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.
Ferromagnetism
Permanent magnets (materials that can be magnetized by an external magnetic field and remain magnetized after the external field is removed) are either ferromagnetic or ferrimagnetic, as are the materials that are noticeably attracted to them. Only a few substances are ferromagnetic. The common ones are iron, nickel, cobalt and most of their alloys, and some compounds of rare earth metals.
Ferromagnetism is very important in industry and modern technology, and is the basis for many electrical and electromechanical devices such as electromagnets, electric motors, generators, transformers, and magnetic storage such as tape recorders, and hard disks, and nondestructive testing of ferrous materials.