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A magnet is any material that has the capability to attract iron and produce magnetic fields around itself. Most of the elements and compounds were found to possess some magnetic properties.
A magnet is a material or artificial setup that can produce a magnetic field around it. Due to the magnetic field, a magnet can attract ferromagnetic materials (e.g. iron filings) and attract or repel any other magnet. Magnets, suspended through a string, always point towards the north-south direction.