Folk+Lore = Folklore

according to dictionary.com…
Folk
noun
1. Usually, folks. ( used with a plural verb ) people in general : Folks say there wasn’t much rain last summer.
2. Often, folks. ( used with a plural verb ) people of a specified class or group : country folk; poor folks.
3. (used with a plural verb ) people as the carriers of culture, especially as representing the composite of social mores, customs, forms of behavior, etc. : The folk are the bearers of oral tradition.
4. folks, informal.
a. members of one’s family; one’s relatives: All his folks come from France.
b. one’s parents: Will your folks let you go ?
5. Archaic. a people or tribe.

Lore
noun
1. The body of knowledge, especially of a traditional, anecdotal, or popular nature, on a particular subject: the lore of herbs.
2. learning, knowledge, or erudition.
3. Archaic.
a. the process or act of teaching; instruction.
b. something that is taught; lesson.

Folklore
noun
1. the traditional beliefs, legends, customs, etc., of a people; lore of a people.
2. the study of such lore.
3. a body widely held but false or unsubstantiated beliefs. (why false ?)

according to Collins dictionary
1. the unwritten literature of a people as expressed in folk tales, proverbs, riddles, songs, etc.
2. the body of stories and legends attached to a particular place, group, activity, etc.
3. the anthropological discipline concerned with the study of folkloric materials.