The key elements include characters, plot, and setting. Characters are the people or animals in the story. They drive the action. The plot is what happens in the story, like a problem and its solution. The setting is where and when the story takes place. For example, in a story about a pirate, the character is the pirate, the plot could be his search for treasure, and the setting might be a Caribbean island in the 18th century.
Well, characters are crucial. They need to be relatable or interesting. A flat character won't hold the reader's attention. The plot should have a clear arc. It starts with an inciting incident, like a character receiving a strange letter. Then it builds up tension until it reaches a climax, like when they discover the truth behind the letter. After that, there's a falling action and a resolution. The setting should be described in a way that sets the mood. If it's a spooky story, a dark, old mansion as the setting would be great. And the language used should be appropriate for the story's tone.