1. Determine the charges of the ions:
* Magnesium (Mg) is in Group 2 of the periodic table, so it forms a +2 ion (Mg²⁺).
* Nitrogen (N) is in Group 15 of the periodic table, so it forms a -3 ion (N³⁻).
2. Find the least common multiple of the charges:
* The least common multiple of 2 and 3 is 6.
3. Determine the subscripts for each ion:
* To get a +6 charge, we need three Mg²⁺ ions (3 x +2 = +6).
* To get a -6 charge, we need two N³⁻ ions (2 x -3 = -6).
4. Write the formula unit:
* The formula unit is Mg₃N₂.
5. Name the compound:
* The name of the compound is Magnesium Nitride.
Therefore, the formula unit of the ionic compound formed between magnesium and nitrogen is Mg₃N₂, and its name is Magnesium Nitride.