Voltage from the battery (A) trickles through the transformer’s secondary winding (B) to the transistor’s base (C), opening the transistor’s collector path (D) partway. This energizes the primary winding (E) partway, storing up energy in a magnetic field which in turn induces current in the secondary, boosting the voltage back to the base, opening the transistor further … around and around. This feedback loop rapidly slams the transistor fully open. The transformer’s tiny ferrite core (F) rapidly saturates, at which point induction ceases, the base voltage drops again, the transistor slams shut, the magnetic field collapses and its stored energy is dumped to the LED (G). The cycle starts again, switching on and off about 50,000 times a second (50kHz) — more than fast enough to make the LED appear steadily lit.
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