a) Orbital current is which electron in an atom moves about the nucleus in closed paths constituting electric currents loops
b) Spin currents related to the internal degrees of freedom of the motion of electrons and this can only be understood through quantum mechanics
|m|=IS
and direction of m can be determined using right hand rule
i) First is diamagnetic effect which is consequences of faraday's law of induction. According to the Lenz law’s, a magnetic field always sets up an induced current with its magnetic field direction opposite to an initial field .Therefore diamagnetic moment created by the external field is always negative related to this field
ii) Second effect occurs if there is a resultant non zero magnetic moment in the atom i.e. there is a spin magnetic moment and orbital magnetic moment .In this case external field will attempt to orient the intrinsic atomic magnetic moment in its own direction .As a result a positive moment parallel to the field is created and this is called paramagnetic moment