Moving iron (MI) instruments are used to measure AC and DC current or voltage through a pointer that moves with the magnetic field generated by a coil. They are classified into repulsion and attraction types, each with specific construction details and principles of operation, including deflecting, control, and damping torques. Advantages of MI instruments include suitability for both AC and DC circuits, robust construction, low cost, and high torque-to-weight ratio, whereas potential errors can arise from temperature variation, frequency changes, and residual magnetism.