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If sinusoidal currents are applied to a structure of some type, electric and magnetic fields will appear in space about that structure.
In linear circuits having only sinusoidal currents and voltages of one frequency, the power factor arises only from the difference in phase between the current and voltage.
The real parts of such complex current and voltage waveforms describe the actual sinusoidal currents and voltages in a circuit, which can be in different phases due to the different complex scalars.