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A magnet that keeps its magnetism after being moved away from a magnet is referred to as a **permanent magnet**. Unlike a permanent magnet, an induced magnet only becomes a magnet when it is placed in a magnetic field. The induced magnetism is quickly lost when the magnet is removed from the magnetic field .
Permanent magnets are made of materials such as iron, cobalt, nickel, and rare earth metals. They are called permanent magnets because they retain their magnetism even when they are removed from the magnetic field that created them.
Permanent magnets are used in many everyday items such as fridge magnets, speakers, motors and generators. They are also used in medical equipment such as MRI machines.
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