What is induction of electric current?

Answer 1

According to Farady's law, whenever the flux linking with the coil changes, emf will induce in that coil.

Actually the material should oppose the flux changes, that opposition is the induced current. Induced current will set own flux, opposite to that of the flux changes.

For further details, refer lenz law.

Answer 2

There is no such thing as an 'induced current'. When a conductor cuts through a magnetic field it is a potential differencethat is induced into that conductor. If the conductor forms a closed circuit (e.g. supplies a load), then a current will flow through the circuit. It is incorrect to call such a current an 'induced current'.

Answer 3

There is no such thing as an 'induced circuit'. A changing current 'induces' a voltage into a circuit -but its the voltage that is being induced, not the circuit!