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.
Magnetism
Most ferrites are ferrimagnetic. The first discovered magnetic substance, magnetite, is a ferrite and was originally believed to be a ferromagnet; Louis Néel disproved this, however, after discovering ferrimagnetism.