- This phenomenon is described by Faraday's Law of Electromagnetic Induction. - Faraday's Law states that the magnitude of the induced electromotive force (EMF) in a circuit is proportional to the rate of change of magnetic flux through the circuit. - When a magnet moves near a coil, it causes a change in the magnetic flux passing through the coil. - Increasing the speed of the moving magnet increases the rate at which the magnetic flux changes. - A greater rate of change of magnetic flux induces a larger EMF in the coil. - According to Ohm's Law, a larger induced EMF results in a larger induced current, assuming the resistance of the coil remains constant.