Faraday's law describes how a time varying magnetic field creates ("induces") an electric field. This aspect of electromagnetic induction is the operating principle behind many electric generators: for example, a rotating bar magnet creates a changing magnetic field, which in turn generates an electric field in a nearby wire. (Note: there are two closely related equations which are called Faraday's law. The form used in Maxwell's equations is always valid but more restrictive than that originally formulated by Michael Faraday.)
Read more about this topic: Maxwell's Equations, Conceptual Description
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