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In conclusion, speed and velocity are kinematic quantities that have distinctly different definitions. Speed, being a scalar quantity, is the rate at which an object covers distance. The average speed is the distance (a scalar quantity) per time ratio. Speed is ignorant of direction. On the other hand, velocity is a vector quantity; it is direction-aware. Velocity is the rate at which the position changes. The average velocity is the displacement or position change (a vector quantity) per time ratio.
Instantaneous and Average Velocity. The instantaneous velocity of an object at a particular time is equal to the slope of its position vs. time graph at that time. On the other hand, the average velocity between two times is equal to the slope of the line joining the two points on the position vs. time graph. Run the applet to the right to make sure that you understand these two concepts -- both their similarities and differences.