Net force can be zero, but constant speed does not always mean constant velocity due to velocity being a vector. When an object moves in a circular path, its direction changes, indicating that it is accelerating even if its speed remains constant. This acceleration is known as centripetal acceleration, which can be calculated using the object's velocity and the radius of the circular path. Understanding the distinction between speed and velocity is crucial in physics. The discussion emphasizes the importance of recognizing that constant speed does not equate to constant velocity in scenarios involving circular motion.