The magnetic moment of a magnet, or any other object that generates a magnetic field, is its strength and direction.
The magnetic dipole moment is calculated by multiplying the pole strength of each pole by the distance between the magnetic poles.
M = qm x 2l
Where
It is a vector quantity and its direction is from south to north pole.
The pole strength of a magnetic dipole of a magnet is determined by the area of the magnetic dipole's cross-section.
Moving charges generate an electric field and the rate of flow of charge is known as current. This is the basic concept in Electrostatics. Another important concept related to moving electric charges is the magnetic effect of current. Magnetism is caused by the current.
Region in space around a magnet where the Magnet has its Magnetic effect is called the Magnetic field of the Magnet. Let us suppose that there is a point charge q (moving with a velocity v and, located at r at a given time t) in presence of both the electric field E (r) and the magnetic field B (r). The force on an electric charge q due to both of them can be written as,
F = q [ E (r) + v × B (r)] ≡ EElectric +Fmagnetic
This force was based on the extensive experiments of Ampere and others. It is called the Lorentz force.