Velocity and speed are distinct concepts in air travel, with velocity incorporating direction while speed does not. In the example of Plane A flying from Paris to New York and Plane B flying from Paris to London and then New York, both planes can have the same average velocity due to their endpoints being the same, despite differing routes. This results in different average speeds because speed is calculated based on the total distance traveled without regard to direction. The key takeaway is that while average velocities can be equal, average speeds can differ based on the paths taken. Understanding this distinction is crucial for analyzing air travel dynamics.