Induced Magnetism
A piece of iron is normally not a magnet. But it can be turned into a magnet, or magnetised. One simple way is to touch it with another magnet.
For example, bring a permanent magnet to an iron nail. The iron nail is not a magnet, but it will be attracted by the magnet. This is because the permanent magnet turns the nail into a magnet. The nail is then attracted.
The nail loses its magnetism once the permanent magnet is removed. The nail is called an induced magnet when it is magnetised by the permanent magnet.
Another way to create an induced magnet is to coil a wire around an iron rod. The iron rod is not a magnet. When the wire is connected to a battery, the iron rod becomes a magnet.
In this case, the magnetism is produced by the electric current. The iron rod is called an electromagnet. When the current is switched off, the rod loses its magnetism.