text: A very small current-carrying loop is approximately a magnetic point dipole ; the magnetic dipole moment of such a loop is the product of the current flowing in the loop and the ( vector ) area of the loop .
simplified: An example of a magnetic dipole moment occurring is in a wire loop with flowing current . The magnetic dipole moment would point through the loop ( according to the right hand rule ) , with a magnitude equal to the current in the loop times the area of the loop .