A speaker works by moving a membrane to vibrate the air. To do that there’s a permanent magnet attached to the membrane which gets moved by an electromagnet, essentially a coil of wire. The strength of the movement is defined by the voltage applied representing the sound.
A microphone works by a membrane being moved by air vibrations. This moves an attached permanent magnet. The movement induces a voltage in a nearby coil, converting the sound into voltage.
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