Higher level explanation:
The normal commercial disc is engraved with two sound bearing concentric spiral grooves, one on each side of the disc, running from the outside edge towards the centre. Since the late 1910s, both sides of the record have been used to carry the grooves. The recording is played back by rotating the disc clockwise at a constant rotational speed with a stylus (needle) placed in the groove, converting the vibrations of the stylus into an electric signal (see magnetic cartridge), and sending this signal through an amplifier to loudspeakers.
Lower level explanation:
A magnetic cartridge is a device used for the playback of gramophone records on a turntable or phonograph. It converts mechanical vibrational energy from a stylus riding in a spiral record groove into an electrical signal that is subsequently amplified and then converted back to sound by a loudspeaker system. There are two types of magnetic cartridge, moving magnet (MM) and moving coil (MC) (originally called dynamic). Both operate on the same physics principle, that of electromagnetic induction. The moving magnet type is by far the most common and more robust of the two, though audiophiles often claim that the moving coil system yields higher fidelity sound. In either type, the stylus itself, usually of diamond, is mounted on a tiny metal strut called a cantilever, which is suspended using a collar of highly compliant plastic. This gives the stylus the freedom to move in any direction. On the other end of the cantilever is mounted a tiny permanent magnet (moving magnet type) or a set of tiny wound coils (moving coil type). The magnet is close to a set of fixed pick-up coils, or the moving coils are held within a magnetic field generated by fixed permanent magnets. In either case, the movement of the stylus as it tracks the grooves of a record causes a fluctuating magnetic field which causes a small electrical current to be induced in the coils. This current closely follows the sound waveform cut into the record, and may be transmitted by wires to an electronic amplifier where it is processed and amplified in order to drive a loudspeaker. Depending upon the amplifier design, a phono-preamp may be necessary.
Taken from Wikipedia definition of gramphone and magnetic cartridge.