Four airspeeds build on that reading, each one correction apart, and before defining them it is worth seeing why four exist at all. The problem is that 'how fast am I going?' has three genuinely different answers, needed by three different users:
The wing — does not care about your speed over the ground or even through the air: aerodynamic forces follow dynamic pressure, so flying the aeroplane (stall margins, approach speeds, control feel) needs a q-based number.
The structure — the same: airframe load limits are really dynamic-pressure limits.
The navigator — needs the aircraft's actual speed through the air mass to plan legs and fuel.
One instrument, sensing only q, has to serve all three, so a chain of named corrections connects what the needle shows to what each user needs. That chain is the ladder below.
Indicated airspeed (IAS) is the raw reading on the dial. It is honest about one thing only: the dynamic pressure the instrument actually sensed. That turns out to be exactly what a pilot needs day to day, because the aerodynamic forces on the aircraft respond to the same q the instrument does, which is why an aeroplane stalls at essentially the same indicated airspeed at any altitude, and why operating speeds are published as indicated values.
Calibrated airspeed (CAS) is IAS with the measurement's own imperfections removed. Two errors are corrected: instrument error, the small mechanical inaccuracy of the gauge itself, and position error, which arises because the static port sits in airflow disturbed by the aircraft's own body, so it never senses perfectly undisturbed static pressure. Position error changes with angle of attack and configuration (lowering flap changes the flow around the port), which is why the flight manual tables the correction rather than quoting one number.
Equivalent airspeed (EAS) removes compressibility error. At higher speeds the air no longer behaves as incompressible: it packs together as the pitot tube brings it to rest, generating extra pressure on top of the true dynamic pressure, so the instrument over-reads. EAS subtracts that surplus, making it the speed that corresponds exactly to the real q: the speed aerodynamic theory actually means. Because structural load limits are at heart dynamic-pressure limits, EAS is the engineer's speed: aerodynamic and structural calculations run on it. Below roughly 200 kt and 10,000 ft the compressibility effect is negligible, which is why light aircraft ignore EAS and jets cannot.
True airspeed (TAS) is the aircraft's actual speed through the air mass, and it exposes the calibration trick from earlier: the ASI converts q to a speed assuming ISA sea-level density. At altitude the real density is lower, so producing the same dynamic pressure requires moving faster through the air; TAS rises above EAS, and the gap widens with every foot of climb: