Faraday discovered that any change in magnetic flux causes induced voltage (i.e. electromotive force, or emf) in a closed conducting circuit. Because there is a voltage, this means an electric current is also induced. Faraday's law, or
induced voltage = -d(flux)/dt, allows us to figure out how much voltage is induced. Ohm's law, i = emf/resistance, allows us to figure out how much current turns on, and Lenz's law tells us the direction of the induced current flow.
Lenz's law is "Nature abhors change," or also we could say, "Get the (change in) flux outta here!" All the induced effects fight the change in flux.
Faraday's law helps explain how generators, electric motors, transformers, the ring launcher, credit card scanners, magnetic brakes, and other devices work, so it is tremendously important for everyday life applications. I hope this video helps!