A magnet’s magnetic moment (also called magnetic dipole moment and usually denoted μ) is a vector that characterizes the magnet’s overall magnetic properties. For a bar magnet, the direction of the magnetic moment points from the magnet’s south pole to its north pole,[9] and the magnitude relates to how strong and how far apart these poles are. In SI units, the magnetic moment is specified in terms of A·m2 (amperes times meters squared).

A magnet both produces its own magnetic field and responds to magnetic fields. The strength of the magnetic field it produces is at any given point proportional to the magnitude of its magnetic moment. In addition, when the magnet is put into an external magnetic field, produced by a different source, it is subject to a torque tending to orient the magnetic moment parallel to the field.[10] The amount of this torque is proportional both to the magnetic moment and the external field. A magnet may also be subject to a force driving it in one direction or another, according to the positions and orientations of the magnet and source. If the field is uniform in space, the magnet is subject to no net force, although it is subject to a torque.[11]

A wire in the shape of a circle with area A and carrying current I is a magnet, with a magnetic moment of magnitude equal to IA.