Permanent magnets are materials that produce a magnetic field without the need for an external power source. They are made from specific alloys, such as neodymium or samarium-cobalt, which have their atoms arranged in a way that creates a stable magnetic field. These magnets are commonly used in everyday items like refrigerator magnets, speakers, and electric motors. Unlike temporary magnets, which only exhibit magnetism when exposed to a magnetic field, permanent magnets maintain their magnetism over time. This property makes them essential in various applications, from magnetic locks to MRI machines. Their durability and reliability make them a vital component in modern technology.