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"1) The torque on a magnetic dipole (ex a circular current loop) due
to an externally sourced B field will tend to line up the dipole with
the instantaneous direction of that B field so that the dipole's B
field strengthens the original, external B field (inside the loop).
This can be seen as just the result of the qVxB force."
and this "takes" work, i.e. the magnetic material "contains" more
energy than before.
"2) A time varying B field generates an E field (Curl E = - dB/dt)
which will drive currents in accordance with Lenz's Law."
same ("takes" work).
with 1) this effect is non conservative (hysteresis) and result s in
conversion to an increase in it's (the material's) random internal
energy (ke + ).
2) same (except in a superconductor?)