Faraday's Law of Electromagnetic Induction states that a changing magnetic field within a closed loop induces an electric current in that loop. This phenomenon occurs because the movement of magnetic lines of force creates an electromotive force (EMF) in the conductor, which can drive an electric current if the circuit is closed. The law is fundamental to many technologies, including electric generators and transformers. It explains how energy can be converted from mechanical to electrical form, making it essential for the operation of various electrical devices and systems in our daily lives.