Some good explanations in this thread.
As I understand it, there are three main areas of loss in a low frequency (50Hz or 60Hz) transformer:
(1) Copper loss (I↑2R in both primary and secondary)
(2) Core loss
(2.1) Eddy current loss (I↑2R)
(2.2) Coercive force loss (force required to run the core around the BH curve with an AC input)
(2) Leakage inductance (less than perfect coupling between primary and secondary)
Is the coercive force loss significant for a microwave oven transformer?
spec
**broken link removed**