Speed refers to how fast an object is moving, measured as a scalar quantity without direction, while velocity is a vector that includes both speed and direction. For instance, if an object moves at -5 mph, it indicates a backward speed of 5 mph, highlighting the importance of direction in velocity. In uniform circular motion, an object's speed remains constant, but its velocity changes continuously due to the constant change in direction, resulting in acceleration towards the center of the circle. This distinction is crucial as it demonstrates how velocity can have observable physical effects, such as the feeling of being pushed outward while navigating a curve in a car. Understanding the difference between speed and velocity is essential in physics and real-world applications.