Final answer:
The best definition for the term 'archetype' is a universally recognized element or pattern in storytelling that transcends cultural and temporal boundaries, which may include characters, objects, and narratives.
Step-by-step explanation:
The phrase that best defines the word archetype is 'a story element common to many cultures and time periods.' An archetype can be thought of as an original model or pattern from which all other similar forms are derived. This term does not exclusively pertain to characters; it can also apply to objects, themes, or narratives. For example, the trickster like Coyote in Native American myth, the femme fatale like Pandora in Greek myth, the forbidden fruit represented by the apple in the Garden of Eden, and the narrative of the hero's journey home as seen in Odysseus's voyage are all instances of archetypes.