Myth – Stories humans have made to explain the unexplainable things using supernatural being such as gods, monsters, nymphs, and etc.

eg. Greek Mythology

http://school.eb.com/comptons/article-284873?query=myth&ct=null

Legend – Stories based on a historical event or a miracle that have happened in the past.

eg. Robin Hood

http://en.wikipedia.org/wiki/Legend

Folk Tale (Fairy Tale) - Short stories usually including folkloric characters such as goblins, fairies, elves, trolls, dwarves, giants, mermaids, or gnomes. It usually includes a lesson inside the story to teach kids what is right or wrong.

eg. Little Red Riding Hood

http://en.wikipedia.org/wiki/Fairy_tale

The Story of the Rainbow – Traditional Taiwan (A mixture of myth and folk tales)

Long time ago, in a village in the mountains, there lived a poor girl. The girl have always dreamed of wearing beautiful cloths everyday. One day, a rich man from the same village have announced to marry a young women. The rich man made a dress made of seven colors, red, orange, yellow, green, sky blue, dark blue, and violet, and showed it to everyone the day before the wedding. When the poor girl saw the dress, she couldn’t get her mind off of the dress so she had decided to steal it that night. It was a rainy night. After the sun had set, the girl sneaked into the rich man’s house and stole the new dress, but as she tried to leave the house, the guards have found her and began chasing her. The girl ran through the woods into an open field and found herself standing in front of a cliff. She was being trapped and the guards had gotten closer. The girl did not want to get caught and lose the dress so just as before the guards had caught her, she leaped and jumped off the cliff into the endless darkened beneath. Few minutes after the girl jumped, the sun had rose and it was the next day. The rain had stopped and a transparent bridge of 7 colors had appeared in the sky. Just the guards had tried to make out what it was, it disappeared. Later, people began to believe the 7 colored bridge was the girl who stole the dress, and she had disappeared so quickly because she wanted to show everyone the dress but at the same time, she was ashamed of what she did.