Let's consider a loop of copper wire, or any other conducting material. Now let's say we put this wire into a pre-existing magnetic field. Imagine the magnetic field lines as we're moving the wire further into the magnetic field... they're going to be getting more and more dense because we're moving closer to the field. We could say the magnetic flux is changing because the strength of the field is changing (it's getting stronger).
In the case of this wire, Faraday's Law is basically saying that a potential difference (also known as an electromotive force, or emf) is created within the wire due to the changing strength of the magnetic field... more change in flux, the greater the emf created. And we know what happens when there's a potential difference... we'll have a flow of electrons. This means we have a current flowing, and because of this, an electric field is produced as well. And if we consider the fact that a moving charge creates a magnetic field, we realize that not only are a current and electric field induced, but a new magnetic field as well.
Lenz's Law takes this principle one step further and considers the induced current and the resultant magnetic field. The basic idea is that the magnetic field that is created by the induced current opposes motion towards or away from the first magnetic field that started the whole thing. If we're moving our wire into the north side of a magnetic field, the induced current will create a magnetic field with a north pole repelling the north pole of the original magnetic field. However, if we're moving the wire out and away from the north pole of the first magnetic field, the induced current will create its own south pole that is attracted to the first field's north pole. So basically the wire doesn't want to be too close or too far away, so it opposes anything that is too extreme, and does so through directing its magnetic field in reference to the first magnetic field.
I haven't done too many problems yet, so other people will be able to help you more and maybe clarify what I've said. But the problems I have come across have asked for the direction of the induced magnetic field or the induced current under different conditions (where a wire is moving in reference to a field, where the field is pointing, etc)... just understand and apply these principles and you should be fine.