What exactly are angular speed and angular velocity? 

Angular speed is the measure of how quickly an object is turning. For example, an object that is spinning once each second has an angular speed of "1 rotationpersecond," or equivalently "360 degreespersecond." Angular velocity is a combination of angular speed and the direction of the rotation. For example, a clock lying on its back and facing upward has a minute hand with an angular velocity of "1 rotationperhour in the downward direction." The downward direction reflects the fact that the minute hand pivots about a vertical axis and that your right hand thumb would point downward if you were to curl your fingers in the direction of the minute hand's rotation.