Here's the breakdown:

* Speed: How fast an object is moving. It's a scalar quantity, meaning it only has magnitude (e.g., 50 miles per hour).

* Velocity: How fast an object is moving *and* in what direction. It's a vector quantity, meaning it has both magnitude and direction (e.g., 50 miles per hour *northwest*).

Example:

* A car traveling at 60 mph has a speed of 60 mph.

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