Torque and Flux Current
The current that is responsible for producing torque, sometimes called &quot;torque current&quot; is &quot;real current&quot; in AC circuit analysis terminology. The total real current drawn by the motor is the sum of the &quot;torque current&quot; and the current due to core losses. Copper losses don't add to the current, they result in a voltage drop inside the motor.
The magnetizing current or &quot;flux current&quot; is &quot;imaginary current&quot; in AC circuit analysis terminology. The rotor and stator leakage inductance cause voltage drops rather than additional current.
To see how the current and voltages inside the motor are related to the total current and the power losses and the power delivered as mechanical power to the load, you need to analyze the motor's equivalent circuit. It is somewhat as you have imagined that it is, but a bit more complex.
Related Questions
My answer to this questions includes a complete equivalent circuit for one phase of a 3-phase induction motor. Simplified versions of this circuit are often used for various purposes.
Why does the V/Hz ratio of a motor affect the magnetic field strength?
My answer to this question shows an equation for torque that was developed using a simplified equivalent circuit.
Torque-Speed Equation for Induction Motor
My answer to this question includes equations for maximum torque and slip.
Why does the Slipring Motor speed increase with a decrease in resistance?