Answer: Velocity is speed and the direction where the speed is pointing.
If you have a map, with the y axis = north and the x axis = east. For you to describe your velocity, you must describe how fast are moving to north and how fast are you moving to east. So your velocity will be Vnorth + Veast, and this is a vector of the form (Vnorth, Veast). with total speed of [tex]\sqrt{Vnorth^{2} + Veast^{2} }[/tex].
