Here's the breakdown:

* Speed: How fast something is moving. It's a scalar quantity, meaning it only has magnitude (e.g., 60 mph).

* Velocity: How fast something is moving *and* in what direction. It's a vector quantity, meaning it has both magnitude and direction (e.g., 60 mph north).

Think of it this way: Two cars could be traveling at the same speed (e.g., 50 mph), but if one is going east and the other west, they have different velocities.