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What is the basic principle of Magnetism?

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Hint: In order to answer this question, first we will mention the basic principles of magnetism, and then we will discuss magnetism and its properties. And atlast we will discuss how magnetism is related to electricity.

Complete step-by-step solution:
The fundamental principle of magnetism is as follows:
$*$ The magnet has two poles and they are the south-pole and the north-pole.
$*$ The magnetic force of lines never intersects each other.
$*$ Magnetic forces can be both appealing and repellent.
$*$ The magnetic force is always directed from the north to the south-pole.
Magnetic fields mediate a class of physical properties known as magnetism. A magnetic field is created by electric currents and the magnetic moments of elementary particles, which operates on other currents and magnetic moments. Electromagnetism is a multifaceted phenomenon that includes magnetism. The most well-known effects occur in ferromagnetic materials, which are highly attracted to magnetic fields and can be magnetised to become permanent magnets that generate magnetic fields. It is also feasible to demagnetize a magnet. Iron, cobalt, and nickel, as well as their alloys, are the most prevalent ferromagnetic materials. Neodymium and samarium, both rare-earth elements, are less common instances. Because permanent magnetism was first found in lodestone, a type of natural iron ore termed magnetite, \[F{e_3}{O_4}\] , the prefix ferro- alludes to iron.

Note: Electricity and magnetism are inextricably related. Moving charges are affected by magnetic fields, and moving charges produce magnetic fields. Electric fields can be created by changing magnetic fields. These events point to an underlying unity of electricity and magnetism, which was initially described by James Clerk Maxwell in the nineteenth century.