1. Speed: This tells you how fast the object is moving.

2. Direction: This tells you which way the object is moving.

Example:

* Saying a car is moving at 60 mph is not enough to describe its velocity. This only tells you its speed.

* Saying a car is moving at 60 mph east tells you its velocity. This describes both its speed and direction.

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