Place the magnetometer at the center of the carousel, this can be considered as the position of the nucleus, the origin. You can let the child hold both the bar magnet and the electrically charged ball. This simulates them as the electron with a spin and electric charge. If the carousel wouldn’t move you would still be able to measure the magnetic field created by the bar magnet leading to the spin dipolar term. If we turn on the carousel the child will start turning around the center, creating a current because of the electrically charged ball.
For the fermi contribution you need a different experimental setup where you put the bar magnet in the center of the nucleus representing an uneven distribution of spin in the center of the nucleus and let the child measure with the magnetometer on the carousel the magnetic field caused by the bar magnet.