What is Electromagnetic Induction and Faraday's Laws?

Electromagnetic Induction & Faraday's Laws:

• Concept: Phenomenon of generating induced electromotive force (e.m.f.) and electric current in a closed circuit by changing magnetic flux.
• Faraday's First Law: Whenever magnetic flux linked with a circuit changes, an induced e.m.f. is produced.
• Faraday's Second Law: Magnitude of induced e.m.f. is directly proportional to rate of change of magnetic flux (e = -N × dΦ/dt).