Faraday-Lenz Law: Self-Induction in Magnetic Fields

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Biker
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A varying magnetic flux causes an induced voltage (according to Faraday-Lenz law) that generates a current that generates a magnetic field that generates another magnetic flux in the same circuit. Does the Faraday-Lenz law include this self induction? Or are they giving us a simplification in high school?Try to make the answer in kind of high school terms.
 
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The law does include the induction. The new, induced, magnetic flux mentioned by you is always opposed to the change in the original varying magnetic flux.
 
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