The model in a MVC implementation is or should be the business model.
The business model describes the behaviour and attributes of the entities of the business that are relevant to the application. When you code this out, the entities become classes and the behaviour and the attributes will end up as methods and properties of those classes respectively.
The application needs somewhere to store its information. If memory were limitless, we would never have power outages and our OS's would never require restarts, the business model would be sufficient. In the real world however, we need to store the properties of the classes somewhere where they can survive application and/or computer shutdown.
And so the business model needs and uses a data store of some type. The way this data store is organised is the data model. As in most cases a relational database is the data store of choice, the data model is usually the design of the relational database.
While a data model can be at a logical level and then resembles an OO business model more closely, in this context we are usually talking about a technical implementation of the logical model. (One key difference: logical models allow M-N relations between tables, the normalized technical model will have a link table which has a N-1 relation with the two original tables).
The OO nature of the business model doesn't map directly to a normalized table and column design. ORM (Object - Relational - Mapping) libraries are often used to map the classes' attributes to the tables and columns in the relational database.
As the business model uses a data store and thus a data model, and together they comprise the Model in an MVC implementation, the distinction between them often gets blurred. I think it is very much worth keeping their separate roles clear in your mind. It helps in deciding where logic should go.
For example, contrary to rsenna's answer, I would content that changing the salary for a single employee is still a function of the business model, even when changing it to a literal value, because the business model may define all kinds of checks and balances, validation and other business rules to changing an employee's salary. For examply the business could have rules that no salary may change by more than x percent, may never exceed the CEO's salary, be compliant with Union rules, etc.
Though database centered developers and many dba's will disagree, these kind of rules belong in the business model, not in the data model. DBa's prefer them in the data model, possibly because the business model is usually implemented in some kind of programming language and the data model in the database and dba's like to keep their databases nice and valid and consistent.
I would say the rules are still part of the business model, not the data model, but you can of course always choose to implement them in the in triggers and stored procedures (as well). Where the rules of the business model are implemented is a matter of..., well implementation, detail.