Here's a breakdown:

* Speed: How fast an object is moving. It's a scalar quantity, meaning it only has magnitude (e.g., 10 meters per second).

* Direction: The way an object is moving. It's a vector quantity, meaning it has both magnitude and direction (e.g., 10 meters per second to the north).

Therefore, velocity is a vector quantity that describes the rate of change of an object's position with respect to time and its direction.

For example, saying a car is traveling at 60 miles per hour tells us its speed. Saying a car is traveling 60 miles per hour north tells us its velocity.