Faraday's law applied to a solenoid shows that you will induce an EMF when the B field changes (see problem solving video on next page).
So imagine that you have a circuit element which is a wound up piece of wire (like in a solenoid). In such circuit elements, the B field changes when the current changes. By Faraday's law, an EMF will be induced to oppose the change in current. The end result, is that if we were to place a solenoid inside a circuit there would be a negative drop in voltage on the solenoid when the current changes.
where L is the inductance, in units called the Henry (H). Just like capacitance, inductance depends of the physical way you constructed the inductor. For example, the inductance could depend on the shape of the solenoid, its length, number of turns etc.
Look at the review material about oscillator and RC circuit. The LC circuit behaves like a simple harmonic oscillator while the LR circuit is more similar to the RC (exponential decay of current).