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What's the difference between speed and velocity?

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Speed is a scalar and velocity is a vector but be careful if you are talking about instantaneous or average.  The speed of an object, at an instant, is the same as the magnitude of the velocity at that instant.   However, over a period of time

average speed = total distance/total time


average velocity=change in position/change in time. 

Average speed and average velocity can be very different.

Speed is a scalar, meaning it just has magnitude where velocity is a vector meaning it has magnitude and direction.