Speed is the time rate at which an object is moving along a path, while velocity is the rate and direction of an object's movement. Put another way, speed is a scalar value, while velocity is a vector.
Speed is the distance of a moving object in a given amount of time. Speed is a measure of how fast something is moving. The average speed of an object in a certain time is the distance the object travelled divided by the time.
The velocity of an object is the rate of change of its position with respect to a frame of reference, and is a function of time. Velocity is equivalent to a specification of an object's speed and direction of motion (e.g. 60 km/h to the north).
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