The video explores the basic concepts of the Entity Relationship (ER) model, focusing on essential terminologies related to the model. An entity is defined as a real-world object that can be identified, which may be either a physical object, like a house or person, or a conceptual one, like a course. Attributes are characteristics that describe these entities, such as name, age, and address for an individual. The video categorizes attributes into several types, starting with composite and simple attributes. Composite attributes can be split into smaller parts, like a full name being divided into first, middle, and last names, whereas simple attributes, such as weight, cannot be divided. Additionally, attributes are classified into single-valued and multi-valued categories. Single-valued attributes hold only one value for an entity, exemplified by age, while multi-valued attributes can contain multiple values, such as college degrees or languages spoken. Finally, derived attributes, which can be calculated from other attributes, are differentiated from stored attributes. Overall, the video details these various types of entities and attributes within the ER model.