Final answer:
Stories based on personal experiences and observations are known as non-fictional stories, particularly within the creative nonfiction or personal narrative genre. These accounts use literary storytelling techniques to relate true events in an artistic manner.
Step-by-step explanation:
The stories that are based on people's observations or experiences and are personal accounts rather than statistical data are known as non-fictional stories. Specifically, these stories fall under the genre of creative nonfiction or personal narratives. Creative nonfiction combines true events with literary storytelling techniques such as descriptive imagery, setting, plot, conflict, characters, and metaphors. They utilize a more artistic and creative approach to writing than regular nonfiction. This type of writing can include various forms such as personal narratives, memoirs, and biographical narratives, depending on the focus and the scope of the personal experiences shared.
While memoirs and personal narratives are both forms of creative nonfiction, they have some distinct differences. Memoirs generally cover certain incidents within a longer time frame of a person's life, reflecting on these events. In comparison, personal narratives typically focus on a singular, significant event that reveals the narrator's thoughts and feelings.