The story circle usually involves the boy falsely crying wolf for attention, people believing him at first but not later, and finally the wolf actually coming and no one believing the boy.
Well, the story circle starts with the boy's mischievous behavior of crying wolf when there isn't one. Then, when he does it repeatedly, people stop trusting him. Eventually, when the wolf really shows up, his cries for help go unheeded. It teaches a lesson about honesty and trust.