The three basic elements are:
1 - Characters - start with introducing some facts about the character(s) and how they fit into the scenario (context), people need to be able to relate to the character so reveal emotions.
2 - Conflict(s) - stories nearly always have a challenge, a code to break, a bad guy to beat etc. etc. The character needs to transform to overcome this and the narrative should explain how they do so.
3 - Resolution - This provides the context for finishing the story in a way the reader can process, again the use of real emotions are necessary and the different plot lines need to tie together here. It is not always necessary for the story to finish with a happy ending.
