Final answer:
Long-term memory is the type of memory stored on a permanent basis, and it includes explicit and implicit forms with a virtually unlimited capacity for storage.
Step-by-step explanation:
The type of memory that is stored on a relatively permanent basis is long-term memory. Sensory memory holds impressions of sensory information after the original stimulus stops, lasting up to only a few seconds. Short-term memory (STM), or working memory, acts as a temporary holding ground for information, maintaining about seven bits of information before it is either forgotten or stored. Storage refers to the creation of a permanent record of information, which is a function of long-term memory.
Long-term memory is the final stage in the Atkinson-Shiffrin model, following sensory and short-term memory, and has a nearly limitless capacity for storage. This memory includes all the data we keep for more than a short duration. It is further divided into explicit and implicit memory, based on whether the information is consciously recalled or not.