What does Mbps mean?

The speed of a data connection is normally given in Mbps (e.g. 8 Mbps), which is the abbreviation for megabit per second. The following conversion values are used:

1 Mbps = 1000 kbps
1 kbps = 1000 bps

As well as giving the speed in bps it is also common to give it in byte/s (e.g. download information in web browsers):
As 1 byte/s = 8 bps, a, Internet connection can equally be described as having a data rate of 8 Mbps, 8000 kbps or 1 MByte/s. So downloading a 3 MB file (e.g. an MP3 music file) on an 8 Mbps connection takes about 3 seconds at least.