The speed can be determined in various ways. The clock speed of the processor, the speed of the hard drive, the speed of the bus carrying information from the processor to the memory and the speed of the memory.
dual or quad core processors running at more than 2.5 Ghz is fast
a hard drive that has a spindle speed of 7500 to 10,000 RPMs is fast
1066 or 2000 Mhz of front side bus is fast
800 Mhz or more memory speed is fast
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To determine the processing speed of your computer using the flops calculator, you can input the number of floating-point operations per second (flops) that your computer can perform. The higher the flops value, the faster the processing speed of your computer.
Current computer processor speed is about 2ghz, but older models are still in use. Average computer processing speed has increased dramatically in recent years.
Just depends on what you feel you want. If you can handle having a slow computer then good for you if not then computer speed is very signifcant. When you're looking for a fast computer make sure that you get a decent speed motherboard and processor.
The RAM (Memory)