Paramagnetism and diamagnetism are two types of magnetic behavior observed in materials based on the presence of unpaired electrons. Paramagnetic materials have unpaired electrons that align with external magnetic fields, making them attracted to the field, while diamagnetic materials lack unpaired electrons and are weakly repelled by magnetic fields due to their paired electron configuration. Understanding these properties is crucial when studying high-spin and low-spin complexes, as the arrangement of electrons significantly influences a compound's magnetic properties.