1. Magnitude: This refers to the size or length of the vector. It's essentially the "how much" of the quantity. For example, the speed of a car is 60 mph, but that's a scalar quantity. The *velocity* of the car, which is a vector, would include the speed (60 mph) and the direction (north, for example).
2. Direction: This indicates the orientation of the vector in space. It tells you where the quantity is pointing.
In summary, a vector needs both a magnitude and a direction to be fully defined.
