SI (decimal) standard — all units use powers of 1,000.
1 Kbps = 1,000 bps  ·  1 Mbps = 1,000 Kbps  ·  1 Gbps = 1,000 Mbps
Bits ↔ Bytes — 1 byte = 8 bits, therefore 1 MB/s = 8 Mbps.
Common ISP speeds are quoted in Mbps (bits) while file transfer speeds are shown in MB/s (bytes).