Is your microphone connected via an audio jack or USB?
Premiere Elements may not be able to work with USB microphones.
In my books, I describe troubleshooting techniques and workarounds for these issues. If you are connected through an audio jack and you have the latest audio and RealTek drivers for your audio card, it could be that you aren't configured properly.
If you click on the little microphone icon in the upper right corner of the Narration panel, does it show the jack where you have your microphone connected?
If you go to Premiere Elements Edit/Preferences/Audio Hardware and check the ASIO Settings, do they match your hardware and microphone set-up?
Welcome to the forum.
As Steve mentions, USB mics do not do well with most Adobe programs.
If you are having an issue with the Narration Audio Track, try doing the recording onto another Audio Track, instead of the Narration Track. If you still have an issue, try with a mic that is connected via an 1/8" plug to the audio card (ideally), or to the computer's mic input.