Induction is like polarity. A more electonegative atom pulls the electrons in a molecule toward it, through sigma bonds.
For example, trifluoroacetic acid. The fluorine groups have an inductive effect by yanking electron density towards themselves - through sigma bonds.
Hyperconjugation I'll leave to someone else who could explain it better. It has to do with conjugated orbitals but I can't explain it nicely and frankly, I don't feel comfortable with my own understanding enough to help.