Lenz's law and Faraday's law are closely connected in the context of electromagnetic induction, with both laws addressing the behavior of induced electromotive force (emf). The induced emf is represented by the equation V = -dφ/dt, where V is the induced emf and φ is the magnetic flux. The negative sign in the equation is crucial as it upholds the principle of energy conservation, indicating the direction of the induced emf. Faraday's law quantifies the magnitude of the induced emf, while Lenz's law specifies its direction. Together, they form a comprehensive understanding of electromagnetic induction.