Hungarian Goulash/cp

INGREDIENTS:

1 1/2 lb Beef For Stew, Cut Into
1/2-inch Cubes.
1 tb Shortening Or Vegetable Oil
1 lg Onion, Chopped
1 qt Water
3/4 c Grated Potato (About 1
Large)
1 tb Paprika (Less If Using
Hungarian Paprika)
1 tb Tomato Sauce Or Ketchup
1 ts Salt
1/2 ts Caraway Seed (Optional)
1/4 ts Crushed Thyme
Pinch Of Red Pepper