Three phase induction motors employ a simple construction made up of a stator covered with electromagnets, and a rotor composed of conductors shorted at each end, arranged as a “squirrel cage”. They work on the principle of induction in which a rotating electro-magnetic field it made 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 produces rotor’s 
magnetic field that attempts to follow stator’s magnetic field, pulling the rotor into rotation.
Benefits of 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 because of simple rotor construction, lack of brushes, commutators, and slip rings
They are free of maintenance motors unlike dc motors due to the absence of brushes, commutators and slip rings
Induction motors could be operated in polluted and explosive conditions as they do not have brushes which can cause sparks
AC Induction motors are Asynchronous Machines meaning that the rotor will not switch at the precise same speed as the stator’s rotating magnetic field. Some difference in the rotor and stator velocity is necessary in order to produce the induction into the rotor. The difference between your two is named the slip. Slip must be kept in a optimal range to ensure that the motor to use efficiently. Roboteq AC Induction controllers can be configured to operate in one of three modes:
Scallar (or Volts per Hertz): an Open loop mode in which a order causes a simultaneous, fixed-ratio Frequency and Voltage alter.
Controlled Slip: a Closed Loop speed where voltage and frequency are controlled in order to keep slip inside a narrow range while running at a desired speed.
Field Oriented Control (Vector Drive): a Closed Loop Rate and Torque control that works by optimizing the rotating field of the stator vs. this of the induced field in the rotor.
See this video from Learning Engineering for a visual illustration on how AC Induction Motors are constructed and Induction Motor function.