Magnetism is a force of energy that causes magnets, which are made of iron or steel, to attract or repel other magnetic materials like iron, nickel, and cobalt. There are two main types of magnets - permanent magnets that cannot be demagnetized and temporary or electromagnets that are powered by electricity and can be turned on and off. Magnets have many uses like in motors, speakers, refrigerators and more, making modern life easier.