What components make up the magnetic compass?

The magnetic compass is primarily based on the principles of magnetism and consists of a magnetized needle that aligns itself with the Earth's magnetic field. The key components include a magnetic needle (the magnet) that is mounted on a pivot point allowing it to rotate freely and a housing that protects the needle. The metal float serves to help with the stabilization of the needle movement and can assist in providing a clear indication of direction.

In contrast, the other options do not pertain to the functioning of a magnetic compass. GPS and digital displays are related to modern navigation systems that rely on satellite data rather than magnetic fields. Gyros and electric currents are components associated with inertial navigation systems or altitude indicators but not with a magnetic compass. A pitot tube and diaphragm are instruments used for measuring airspeed and pressure in aviation but have no connection to determining direction with a magnetic compass.