Transformers experience two main types of losses: core loss and copper loss. Core loss, often referred to as iron loss, occurs due to the magnetic properties of the core material, which can be made of iron or ferrite. Copper loss arises from the resistance in the windings when current flows through them. The discussion also raises questions about the specific losses associated with different core materials, such as ferrite versus iron. Understanding these losses is crucial for improving transformer efficiency and performance.