A displacement is the shortest distance between an object's initial and final positions, represented by a displacement vector. A position vector indicates an object's distance and direction from a reference point. Displacement can be described as the difference between initial and final position vectors. Velocity is the rate of change of an object's displacement over time and indicates both speed and direction, while speed only refers to how fast an object is moving. Average speed is the total distance traveled divided by the total time, unlike instantaneous speed which refers to speed at an instant in time.