Question

What is the source of energy associated with the current obtained in part when a magnet is moved towards a coil having a galvanometer at its ends?

Answer 1

When a magnet is moved closer to the current carrying coil it will generate electricity as the coil moves through the magnetic field. As the magnet is moved, there will be an induced electro-motive force (EMF) which can cause a current in the coil. Once the magnet stops moving, the current will go to zero.
Hence, when a galvanometer is connected to the circuit, there will be deflection due to the flow of electricity. As the magnet is moved toward the coil of wire, the needle of the galvanometer moves one direction. As the magnet is moved away from the coil of wire, the needle of the galvanometer moves the opposite direction. If the magnet is moved faster, the magnitude of the deflection increases.
The mechanical movement/energy is converted into electrical energy.