Magnetism is the force experienced between magnets, characterized by attraction or repulsion, and is governed by the electromagnetic force, one of the four fundamental forces. The force between magnets decreases with distance, following a 1/r^2 relationship when close and transitioning to 1/r^3 at larger distances due to their dipole nature. The magnetic field, which is an abstract concept, exists between magnets and is responsible for the forces felt, even in a vacuum. The interaction of charged particles and the alignment of atomic domains in materials like iron contribute to magnetism, while the concept of "virtual photons" helps explain the force's action at a distance. Overall, magnetism operates similarly to gravity and electric fields, sharing mathematical principles but remaining distinct in nature.