The term for the area around a magnet where magnetic forces can be felt is called the magnetic field. This field is created by the movement of electric charges and extends outward from a magnet in three dimensions. The strength and direction of the magnetic field can be visualized using field lines, which indicate the direction of force experienced by a magnetic pole. The concept of the magnetic field is fundamental in understanding how magnets interact with each other and with various materials, as well as in applications like electromagnetism and various technologies.