Three phase induction motors have a very 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 focus on the theory of induction in which a rotating electro-magnetic field it produced through the use of a three-phase current at the stators electromagnets. This in turn induces a current in the rotor’s conductors, which in turns generates rotor’s magnetic field that attempts to check out stator’s magnetic field, pulling the rotor into rotation.
Benefits of AC Induction Motors are:
Induction motors are basic and rugged in Induction Motor structure. They are more robust and can operate in any environmental condition
Induction motors are cheaper in expense due to simple rotor construction, absence of brushes, commutators, and slide rings
They are maintenance free motors unlike dc motors due to the lack of brushes, commutators and slip rings
Induction motors can be operated in polluted and explosive conditions as they do not have brushes which can cause sparks
AC Induction motors are Asynchronous Devices meaning that the rotor will not switch at the specific same speed since the stator’s rotating magnetic field. Some difference in the rotor and stator velocity is necessary to be able to create the induction into the rotor. The difference between your two is called the slip. Slip must be kept in a optimal range in order for the motor to use efficiently. Roboteq AC Induction controllers could 
be configured to operate in one of three modes:
Scallar (or Volts per Hertz): an Open loop mode where a order causes a simultaneous, fixed-ratio Frequency and Voltage change.
Controlled Slip: a Closed Loop speed where voltage and frequency are controlled in order to keep slip inside a narrow range while working at a preferred speed.
Field Oriented Control (Vector Drive): a Closed Loop Quickness 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.