1. Speed: This tells you how fast the object is moving. It is the magnitude of the velocity.
2. Direction: This tells you which way the object is moving.
Velocity is a vector quantity, meaning it has both magnitude and direction. So, simply stating the speed of an object is not enough to fully describe its velocity. You need to know both how fast it's going *and* in what direction.
For example:
* Saying "The car is traveling at 60 mph" only tells you the speed.
* Saying "The car is traveling at 60 mph east" tells you both the speed and direction, thus describing its velocity.
