Velocity is the rate of change of position. Both speed and direction are required.
Acceleration is the rate of change in velocity. In common speech, acceleration is only for an increase in speed; a decrease in speed is deceleration. In physics, any increase or decrease in speed or change of direction is referred to as acceleration.
For more information, look at:
http://en.wikipedia.org/wiki/Speed
http://en.wikipedia.org/wiki/Velocity
http://en.wikipedia.org/wiki/Acceleration