Langue and parole are more than just 'language and speech' (although this is a useful quick way of remembering them).
LANGUAGE
La langue is the whole system of language that precedes and makes speech possible. A sign is a basic unit of langue.
Learning a language, we master the system of grammar, spelling, syntax and punctuation. These are all elements of langue.
Langue is a system in that it has a large number of elements whereby meaning is created in the arrangements of its elements and the consequent relationships between these arranged elements.
PAROLE
Parole is the concrete use of the language, the actual utterances. It is an external manifestation of langue. It is the usage of the system, but not the system.
COMPETENCE
Competence refers to a speaker's knowledge of his language as manifest in his ability to produce and to understand a theoretically infinite number of sentences most of which he may have never seen or heard before.
PERFORMANCE
Performance refers to the specific utterances, including grammatical mistakes and non-linguistic features like hesitations, accompanying the use of language