(1) There are three main ways to induce emf or current: changing the magnetic flux (Φ) by changing the area inside a magnetic field, changing the magnetic field (B) itself, or changing the angle (θ) between the magnetic field and the conductor.
(2) A transformer uses changing magnetic fields to induce an emf in a secondary coil without changing the power delivered. It can step up or step down voltages depending on the ratio of coils.
(3) Lenz's law describes the direction of induced current: it will flow such that its magnetic field opposes the original change in magnetic flux that caused it.