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The term Mbps is a unit of measurement that expresses broadband speed, or how fast data is transferred across a network. More specifically, it stands for megabits per second and should not be confused with megabytes per second, or MBps, a similar but completely separate measurement unit. Major Internet service providers use the Mbps measurement to advertise what kind of Internet services they offer. According to comments made by service providers Verizon and Time Warner in 2013, 50Mbps is the speed that most Internet customers are demanding.
Mbps stands for megabits per second. and so goes on ... If your Internet speed from your ISP is 1Mbps it means you will be able to receive (download) 1024 kilobits amount of data per second. Note: Most softwares in your laptop show your download speed in MBps (megabytes per second).