This lecture delves into nanoscaled magnetic objects like nanodots, nanoparticles, nanowires, and ultrathin films. It explores the orbital magnetic moment of an electron, the magnetic moment of an atom, and how to compute the total magnetic moment of an atom. The instructor discusses the Russell-Saunders Rule and Hund Rules for determining the total angular momentum of an atom or ion, shedding light on the physical interpretations behind these rules.