1. Magnitude: This refers to the speed of the object. If the speed of an object increases or decreases, its velocity changes. For example, a car accelerating from a stoplight has increasing velocity.
2. Direction: Even if the speed remains constant, a change in direction will also change the velocity. For example, a car driving in a circle at a constant speed still has changing velocity because its direction is constantly changing.
Therefore, a change in either the speed or the direction of an object will result in a change in its velocity.