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

2. Direction: The direction in which the object is moving.

Therefore, velocity is a vector quantity, meaning it has both magnitude and direction.

Here's an example:

* Speed: A car is traveling at 60 miles per hour.

* Direction: The car is traveling north.

Velocity: The car has a velocity of 60 miles per hour north.

Important Note: If an object is moving at a constant speed but changes direction, its velocity is changing. This is because velocity is a vector quantity and a change in direction means a change in the vector.