What does every magnet possess?

Every magnet possesses two principal properties: a magnetic field and two magnetic poles. The magnetic field is the area around a magnet where magnetic forces are exerted. The poles are the locations at which the magnetic forces are strongest, typically at the furthest ends of the magnet. These two poles are called the "north pole" and the "south pole." Opposite poles of different magnets attract each other (north and south), while like poles (north and north, or south and south) repel each other.

The concept of magnetism is a part of the broader study of electromagnetism in physics. It is a property associated primarily with certain types of materials, notably ferromagnetic materials such as iron, cobalt, and nickel, and to a lesser extent with other substances. Every magnet, regardless of its shape, will have a north and a south pole.

When freely suspended, a magnet will align itself with the Earth's magnetic field, which is why magnets can be used in compasses for navigation. The magnetic field around a magnet can be visualized using iron filings that align themselves along the field lines, which emanate from the north pole of the magnet and loop around to enter at the south pole.

Permanent magnets retain their magnetism over time without any external assistance, while temporary magnets only exhibit magnetic properties when influenced by an external magnetic field or an electric current, as in the case of electromagnets. The study of magnets and their properties involves understanding the atomic-level structure of the materials, specifically the alignment of the magnetic moments of electrons within the material, which gives rise to the macroscopic magnetic properties.