1. Speed: How fast the object is moving. This is the magnitude of the velocity.

2. Direction: Which way the object is moving. This is the direction of the velocity.

Example:

* A car traveling at 60 miles per hour east has a velocity of 60 mph east.

* A plane flying at 500 km/h northwest has a velocity of 500 km/h northwest.

Important Note: Speed is a scalar quantity (only magnitude), while velocity is a vector quantity (magnitude and direction).