What is velocity, because it describes both speed and direction?

Velocity is a vector quantity. It has both, magnitude and direction. Velocity is the rate of change in the position of a body with respect to a frame of reference. One component is the magnitude of velocity which is speed. The other one is its direction.

Explanation:

Speed is a scalar quantity.

Velocity is a vector quantity.

There are two types of quantities:

1. Scalar quantity:

A scalar quantity is a quantity which is described by its magnitude alone.

2. Vector Quantity:

A vector quantity is a quantity which is described completely by both, its magnitude and direction.