Three phase induction motors employ a simple construction composed of a stator protected with electromagnets, and a rotor made up of conductors shorted at each end, arranged as a “squirrel cage”. They focus on the basic principle of induction in which a rotating electro-magnetic field it developed through the use of a three-stage current at the stators electromagnets. This in turn induces a current in the rotor’s conductors, which in turns creates rotor’s magnetic field that tries to check out stator’s magnetic field, pulling the rotor into rotation.
Great things about AC Induction Motors are:
Induction motors are basic and rugged in construction. They are better quality and can operate in any environmental condition
Induction motors are cheaper in cost due to simple rotor construction, lack of brushes, 
commutators, and slip rings
They are maintenance free motors unlike dc motors because of the absence of brushes, commutators and slip rings
Induction motors can be operated in polluted and explosive conditions as they don’t have brushes that may cause sparks
AC Induction motors are Asynchronous Devices meaning that the rotor does not switch at the exact same speed because the stator’s rotating magnetic field. Some difference in the rotor and stator velocity is necessary to be able to develop the induction into the rotor. The difference between your two is named the slip. Slip should be kept within an optimal range in order for the motor to use efficiently. Roboteq AC Induction controllers can be configured to operate in another of three modes:
Scallar (or Volts per Hertz): an Open loop mode in which a command causes a simultaneous, fixed-ratio Induction Motor china frequency and Voltage change.
Controlled Slip: a Closed Loop speed where voltage and frequency are controlled to keep slip within a narrow range while working at a desired speed.
Field Oriented Control (Vector Drive): a Closed Loop Acceleration and Torque control that works by optimizing the rotating field of the stator vs. this of the induced field in the rotor.
Observe this video from Learning Engineering for a visual illustration about how AC Induction Motors are constructed and function.