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Exactly! Speed just tells us about the distance an object covers. It doesn't tell us anything about the direction of motion.
To capture the direction, let us introduce a new quantity called displacement. The displacement of an object is the distance between its final and initial points.

For example, in this animation, the figure is walking \(30 \, \mathrm{m}\) in one direction, and \(10 \, \mathrm{m}\) in another direction. So, the total distance covered by the figure is \(30 + 10 = 40 \, \mathrm{m}\). But, the displacement, which is how far the figure is from the initial point, is just \(20 \, \mathrm{m}\).