Definition of Magnetic Moment
The magnetic moment is the strength and the orientation of a magnet or any other object that can produce a magnetic field. Examples of objects that can produce magnetic fields are loops of electric current, permanent magnets, astronomical objects, moving elementary particles like electrons, etc.
The north and south poles of a magnet are separated by a very minute distance and it is termed as magnetic dipole moment. There is a proportional relationship between the magnetic field of a magnetic dipole and its magnetic dipole moment. The magnetic moment is directed from the south to the north pole of the magnet.