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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.

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