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A magnet is an assemblage upon which a magnetic field exerts a force. The are two kinds of magnets, permanent magnets and electromagnets.

A permanent magnet is a block of material in which the spin of electrons in the atoms of the material have been lined up. (This can be done in a number of ways, placing it in the magnetic field of an electromagnet.) Since moving electric charges can have an effect on the magnetic field, the material becomes the source of a magnetic field. (Normally the spins of the electrons are random, and so they all cancel each other's field out.)

An electromagnet is an inductor through which a current is run. As long as the current is on, a magnet is formed.