Faraday's law, basically stated, is that a change in magnetic flux through a surface induces (or creates) an electric field which acts against the change, that is to say, an electric field is generated which induces an equal and opposite change in the magnetic field. This law is now stated as one of Maxwell's Equations

E·ds = -dΦB dt

Here ΦB is the magnetic flux through the surface S enclosed by the path being considered.

Brief Explanation of Symbols;

Symbol	Brief Description
E	Electric field vector.
ΦB	Magnetic flux.
	Indicates a closed integral. (Integral over a closed loop or, when subscripted with 'S', a closed surface.)